Kansai Nerolac Paints has entered into business transfer agreement (BTA) with Nerofix, Polygel and Promoters of Polygel. The agreement is for the adhesives, construction chemicals and sealants business of Polygel would be transferred to Nerofix, free from any encumbrances (other than as specifically stated in the BTA) as a going concern on Slump Sale Basis. The proposed transfer consideration is Rs 20 crore by Nerofix.
Nerofix is incorporated in terms of the Joint Venture Agreement (JVA), paid-up equity share capital of which is held by Kansai Nerolac Paints and Polygel in the ratio of 60:40.
Kansai Nerolac Paints is amongst the leading paint companies in India. The company offers a range of products, including decorative, Automotive Coatings and Performance coatings.