Sells 49 percent stake to focus on environmentally friendly products.
Kansai Nerolac Paints Ltd has sold its 49 percent stake in Nipa Chemicals Ltd for Rs.25.75 Cr to Japanese JV partner Nihon Parkerizing Co. Kansai Nerolac considered Nipa Chemicals, which produces pre-treatment chemicals, as a non-core business and said it wants to focus on environmentally friendly products. Nipa Chemicals was established as a JV between Kansai Nerolac and Nihon Parkerizing Co, when Suzuki wanted a pre-treatment chemical spray to be used before painting. Nipa Chemicals offers pre- treatment requirements for automotive, powder coating and auto ancillarie companies. Kansai Nerolac Paints Ltd, a subsidiary of Japan-based Kansai Paint Company Limited, is an industrial coating company and offers wide range of products in automotive, powder, general industrial and high performance coatings.