Thursday, June 21, 2012

Kansai Nerolac acquires 68pc stake in Nepal Salimar

Kansai Nerolac — a Japanese and Indian joint venture company based in India — has acquired a 68 per cent stake in paint manufacturer Nepal Shalimar for Rs 120 million.
Chairman of the Nepal Shalimar Ashok Kumar Baidya confirmed the share handover of Nepal Shalimar to Kansai Nerolac. However, he said that it would take some time to finalise all the paperwork. "The majority stakeholder Kansai Nerolac will change the name of Nepal Shalimar into Kansai Nerolac Nepal Pvt Ltd after the final paper works," he said, adding that the joint venture has become possible due to the recent signing of Bilateral Investment Promotion and Protection Agreement (BIPPA) between Nepal and India.
The agreement encouraged Kansai Nerolac to enter into joint venture with Nepali company, Baidya added.
Kansai Nerolac also expected to raise its share in Nepal to 15 per cent in the current fiscal year and inject capital making it to a total of around Rs 250 million, Baidya said, adding that it will be the first joint venture among Japan, India and Nepal.
Nepal Shalimar enjoys an eight per cent market share, ranking fourth among Nepal's top five paint manufacturers. "With the acquisition of the leading paint maker in Nepal, Kansai Nerolac expects to capture nearly 15 per cent market share in the current fiscal year,” Kansai Nerolac managing director HM Bharuka has been quoted saying.
Nepal Shalimar has a capacity of 11,000 tonne.
"We have been exporting Kansai Nerolac paints to Nepal but due to heavy duties in Nepal, we could not expand our business," Bharuka said, adding that Kansai Nerolac — a listed company in India — was considering two options either an acquisition or setting up a manufacturing facility to expand its footprint in Nepal.
"We will utilise the company’s plant to manufacture the Nerolac range of products which are currently exported to Nepal,” he added.


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