ICI India today announced that the company has signed a definitive agreement to divest a portion of its auto refinish paints business comprising advanced refinish (2K) to its technology partner for this segment, PPG Industries USA, for a consideration of about Rs 52 crore, subject to certain agreed adjustments.According to a release issued by ICI India to the BSE today, the company's 2K Business will be transferred as a going concern to Asian PPG Industries an affiliate of the PPG Group in India, over the next few weeks. The business has about 60 employees and had sales revenue of about Rs 50 crore in the financial year ended March 31, 2006.'This divestment, while securing the interests of its 2K customers, will enable the company to focus on its aggressive growth strategy for its decorative and conventional refinish segments', the release added.
