Kansai Nerolac to divest stake in Malaysian paint company

New Delhi, May 2 (UNI) Country's second-largest paints firm Kansai Nerolac Paints Ltd today said it will sell 55 per cent stake in Kansai Coatings Malaysia to Japanese parent Kansai Paint Company.

Kansai Paint holds the balance 45 per cent in the Malaysian firm, a company statement said.

It, however, did not disclose the financial details of the transaction.

Kansai Nerolac and Kansai Paint Co had jointly acquired the paints business of Malaysia's Sime Coatings in 2005, with an initial investment of Rs 30 crore.

UNI SR BJR KP2110