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Berger Paints `open to acquisitions'

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Mr Subir Bose, MD, Berger Paints, at the launch of the Illusion Designer Finish for walls at a press conference in the Capital on Wednesday. - - Kamal Narang

New Delhi , Aug. 6

BERGER Paints, the country's third-largest paint manufacturer, on Wednesday said it was open to acquisitions and was looking to grow both organically and through acquisitions.

The company also said it might look at an equity partnership with an international paints company for growth in sub-segments in which it was not very strong.

"In case we go in for acquisitions, we would spend at least Rs 100 crore for the same. Also, we have been talking to a couple of international companies, including our technical partner Nippon Paints, to look at tie-ups for certain categories in which we are at present not in a leading position. This includes auto paints, wood coatings and exterior paints. For instance, we may even look at hiving off the Berger auto paints division as a joint venture company. We are open to all options," Mr Subir Bose, Managing Director of Berger Paints India Ltd, said.

For local acquisitions, the company said it would be able to raise about Rs 150 crore, besides reserves in excess of Rs 130 crore.

Further, the company, which currently has six facilities in the country, is in the process of setting up a plant in Jammu next year. "We have invested about Rs 30 crore in the Jammu plant, which would be operational by next year," Mr Bose said.

Berger, which claims to have the second-largest market share in the decorative paints segment, on Wednesday rolled out a new product - `Berger Illusions', for the premium end of the market.

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