 "Berger Paints completes business transfer to BNB Coatings")
"Transfer of the company's paint division relating to wheeler passenger cars and SUV, three-wheelers and related ancillaries to BNB Coatings India Pvt has been completed at the close of business hours of June 30," Berger Paints said in a BSE filing.
In April this year, Berger Paints India entered into business transfer agreement with its joint venture (JV) firm BNB Coatings. It did not disclose the amount involved.
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"The company has now entered into a business transfer agreement with BNB for the transfer of the business for an agreed consideration," Berger Paints had said in a BSE filing.
"BNB is understood to have entered a similar agreement with Nippon Paint (India) Pvt Ltd for transfer of its four-wheeler car body paint business."
BNB Coatings is a 51to 49% joint venture between NPAU and Berger Paints, respectively.
In November last year, Berger Paints India and Nippon Paint Automotive Coatings Company (NPAU) together with Nippon Paint (India) Pvt Ltd (NPI) entered into a non-binding understanding to transfer three-wheeler and four-wheeler paint business to BNB Coatings India.