The newly-formed JV between Jenson & Nicholson Paints Private Limited and Chennai-based Sheenlac Paints is targetting to achieve a turnover of Rs 350 crore in the first five years of operation.
CEO of Sheenlac Paints K Sridhar said the JV had been formed by transferring the decorative paints brands of Jenson & Nicholson to it which would now be marketed and sold by the Chennai-based firm.
While Jenson & Nicholson would have 51 per cent stake, Sheenlac would have the remaining 49 per cent.
Sridhar said while Jenson & Nicholson would have its members on the board of the JV, the management would be looked after by Sheenlac.
The products would be manufactured at Jenson's plant at Sikandrabad in the outskirts of Delhi with an inital capacity of one lakh kilo litre.
Sheenlac would make an initial investment of Rs 50 crore, he said.
The products would be marketed in the eastern, north eastern and northern regions of India.
The JV had been forged to enhance Sheenlac's presence in these parts of the country, Sridhar added.
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