Asian PPG buys ICI India unit for Rs520 mn

Asian PPG buys ICI India unit for Rs520 mn
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First Published: Wed, Feb 21 2007. 05 53 AM IST
Updated: Wed, Feb 21 2007. 05 53 AM IST
Mumbai: Automotive paints maker Asian PPG Industries will acquire the advanced refinish business of ICI India, expanding its presence in India, one of the fastest-growing automobile markets, a company official said.
The company, a joint venture between India’s largest paints maker Asian Paints Ltd. and US-based PPG Industries Inc., has said it would buy the unit for Rs520 million. “We will become the largest player in the auto refinish (paints) market in India,” Asian PPG’s CEO V. S. Ram said. “We will also get access to a larger network of garages and service centres.” Asian PPG was the second largest player after ICI India in the auto refinish paint market, estimated at Rs4 billion a year. However, in the Rs8 billion original equipment auto paints segment it still trails leader Kansai Nerolac .
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First Published: Wed, Feb 21 2007. 05 53 AM IST
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