Berger Paints to transfer biz to BNB coatings

Berger Paints India today said it has entered into business transfer agreement with its joint venture (JV) firm BNB Coatings.
It did not disclosed the amount involved in the transaction.
"The company has now entered into a business transfer agreement with BNB for the transfer of the business for an agreed consideration," Berger Paints said in a BSE filing.
It further said: "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 51:49 per cent joint venture between NPAU and Berger Paints, respectively.

In November last year, Berger Paints India Ltd 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.