Nippon Paint Holdings to Buyback Nippon Paint India and Berger Nippon Paint Automotive Coatings from Wuthelam Group

As per sources, Japan's largest coatings manufacturer, Nippon Paint Holdings, will repurchase Nippon Paint (India) and Berger Nippon Paint Automotive Coatings from Singaporean paint conglomerate Wuthelam Group for 14.5 billion yen. The transaction is expected to be completed in the first half of 2024.

According to the information provided, Berger Paints India will retain a 49 percent stake in the automotive coatings venture. Currently, the Wuthelam Group owns 58.7 percent of Nippon Paint Holdings.

Nippon Paint stated that the Indian businesses have good prospects for long-term profit growth.

Berger Paints India Limited also announced today through an exchange filing that it has entered into a novation agreement with Nippon Paint Automotive Coatings Co., Ltd., a corporation organised under the laws of Japan (NPAC), and Isaac Newton Corporation (INC), a corporation organised under the laws of the British Virgin Islands.

NPAC and Berger were parties to an Amended and Restated Joint Venture Agreement dated April 28, 2016, according to the filings, which governs their relationship as shareholders of Berger Nippon Paint Automotive Coatings Private Limited. INC entered into a share purchase agreement on August 10, 2021, for the transfer of NPAC's shares in the Company (Sale Shares) to INC.