 "Nippon Paint")
Nippon Paint on Thursday announced a 100 per cent acquisition of VIBGYOR Paints and Chemicals, a major supplier of paints and coatings in South India.
"Through the strategic acquisition, Nippon Paint will gain a strong foothold in the growing industrial coatings portfolio especially focusing on Railways," said the company in its press release.
After this acquisition, VIBGYOR Paints and Chemicals will become a division of Nippon Paint India, leveraging its resources and reach to further its growth and market leadership, it said.
As part of the acquisition, the key members of the VIBGYOR team will join Nippon Paint as employees, ensuring a seamless transition and the retention of valuable industry expertise within the Nippon Paint India family, the company added.
Commenting on the acquisition, Sharad Malhotra, director and president (automotive refinishes), Nippon Paint India, said, “The acquisition of VIBGYOR Paints and Chemicals marks a step forward in our India growth strategy. Besides helping us gain a strong foothold in the Indian Railways, this acquisition also enables us to expand our commercial vehicles and industrial paints business in the country. We welcome the VIBGYOR team to the Nippon Paint family!’’
VIBGYOR Paints and Chemicals is a growing and significant player in the Indian paint market. The company has a robust track record of supplying paints to Indian Railways and its associated coach, wagon, and allied manufacturing companies.
