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Kansai Nerolac Paints said it has divested the 49 per cent stake in Nipa Chemicals for Rs 25.72 crore. Mr H.M. Bharuka, Managing Director, Kansai Nerolac, said the stake was bought by Japanese company Nihon Parkerizing Co., already the majority stakeholder in the unlisted entity.
Nipa Chemicals produces pre-treatment chemicals. The company was established in 1984, when Suzuki wanted a pre-treatment chemical spray to be used before painting. Subsequently, as technology changed and Nerolac moved towards environment-friendly products, the company decided to divest the stake. “In any case, it was a non-core area of business which Nerolac wanted to exit,” he said.
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