Kansai Nerolac Paints (KNPL) announced that on 21 August 2019, a business transfer agreement has been entered into by and between Nerofix (incorporated in terms of the JVA, paid-up equity share capital of which is held by KNPL and Polygel in the ratio of 60:40), Polygel, Promoters of Poly gel and KNPL.
Under the terms of the business transfer agreement, the adhesives, construction chemicals and sealants business of Polygel would be transferred to Nerofix as a going concern on slump sale basis upon payment of the proposed transfer consideration of Rs. 20 crore by Nerofix.
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