ICI to part divest auto refinish paints biz to US-based PPG Ind

New Delhi, Feb 20 (UNI) Paint maker ICI India Ltd today signed a definitive agreement to divest a portion of its auto refinish paints business to its technology partner PPG Industries, the United States, for Rs 52 crore.

The business, comprising advanced refinish range (2K), will be transferred as a going concern to Asian PPG Industries Ltd over the next few weeks.

Asian PPG Industries Ltd is a 50:50 joint venture between the company and PPG Industries.

The business has about 60 employees and reported sales revenue of about Rs 50 crore in 2005-06.

''This divestment, while securing the interests of its 2K customers, will enable the company to focus on its aggressive growth strategy for its decorative and conventional refinish segments,'' ICI India Executive Director M R Rajaram said.

UNI