Berger Paints today entered into a pact with Japanese firm Chugoku Marine Paints for collaboration in marine and related paints in India.
The two companies have signed a Memorandum of Understanding (MOU) envisaging joint efforts in marketing, supplying, and purchasing marine related industrial paints, Berger Paints said in a BSE filing.
The partners also have plans to create a joint venture as the final objective of their agreement, it added.
Commenting on development, Berger Paints CEO Abhijit Roy said: "Chugoku and Berger have considerable strength in technical expertise, product, market knowledge...And these are expected to considerably benefit the territory's market requirements."
Chugoku Marine Paints is a leading global player in marine coatings and has presence across Europe, US, China, India and Middle East, among others with a revenue of 115.066 billion yen.
In India it is majorly into supplies of marine coatings.
"Chugoku looks forward to the partners jointly becoming leading players in marine coatings in India and neighbouring region," Chugoku Marine Paints President and CEO Masataka Uetake said.
Berger Paints is among the top players in paints segment in India with a gross turnover of about Rs 5,000 crore. It has has also presence in four other countries - Russia, Poland, Nepal and Bangladesh.
It has a countrywide distribution network of over 25,000 dealers.
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