Jenson & Nicholson India (J&N) has entered into a strategic alliance with Snowcem India to form a 50:50 joint venture marketing company.
The joint venture is dedicated at bringing the selling arms of both the firms' decorative products together as a marketforce.
The board of directors of both the companies have approved a strategic alliance at their respective board meetings held on August 11.
"It makes sense for us to join hands with J&N, a leader in the decorative coatings segment. The new entity will provide our customers with a complete range of high-end architectural paints and decorative coatings," said T B Ruia, vice-chairman and managing director, Snowcem India.
S P Sinha, chairman and managing director of J&N, said: "As most of our products are in non-competing categories, the joint venture leverages the strengths of both the companies for the ultimate benefit of the consumer."
Snowcem, a major player in external cement paint, recently forayed into gold and silver fabrication business by acquiring a manufacturing plant in Mumbai from G K Exim. The consideration for the buyout was to the tune of around Rs 50 crore.
The company is also planning to export gold coins and bars mainly to the Gulf region. The Mumbai plant has a manufacturing capacity to produce 2,500 kg of gold and 18,000 kg of silver.
Snowcem had recently acquired 42,500 equity shares of Rs 100 each of Pelican Paints at Rs 10 per share. It has also acquired 3.5 lakh shares of Rs 100 each of Killick Halco at Rs 83 per share.
