Nippon Paints Automotive Coatings has decided to transfer its ownership in Berger Paints to Isaac Newton Corporation, which is organised under the laws of the British Virgin Islands.
Berger Paints shares were trading up 1.66 percent, at Rs 720.8, at 2.34 pm on August 29 as Nippon Paints Automotive Coatings decided to transfer its ownership in Berger Paints to Isaac Newton Corporation, under a novation agreement to replace the ownership. Isaac Newton Corporation is a company organised under the laws of British Virgin Islands.
Nippon Paints Automotive Coatings and Berger Paints were in a joint venture agreement since 2016, operating as Berger Nippon Paint Automotive Coatings Private Limited.
Nippon Paints Automotive Coatings, which originally had certain rights, powers, and responsibilities under the novation agreement, transferred and handed over all of those rights, powers, titles, interests, benefits, obligations, and responsibilities to Isaac Newton Corporation, the company said in its exchange filing dated August 29.
Berger Paints net profit increased 39 percent Year-on-Year (YoY) to Rs 355 crore in the April-to-June quarter. The company’s revenue increased 9.7 percent YoY to Rs 3030 crore in the same period.
Berger Paints expects to end the year with double-digit revenue growth as the demand outlook remains good in view of positive monsoon progress, infrastructure spends, and extended festive season.
Berger Paints is the second-largest domestic paints company, with manufacturing units in India, Nepal, Poland, and Russia.
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