To tap the decorative paint industry, paint manufacturer Sheenlac Ltd today said it has formed a joint venture with another paint maker Jenson and Nicholson.
Sheenlac Paints will hold a 49 per cent stake in the newly-formed entity — Jenson and Nicholson Paints Pvt Ltd — while Jenson and Nicholson will hold the majority 51 per cent stake. The two companies pooled in Rs 10 crore to set up the venture in the initial phase. The JV has set a target revenue of Rs 100 crore for next year, Sheenlac Paints Ltd CEO Sridhar Krishnamoorthy told reporters here. “We have held discussions during the last five years and arrived at a structured deal now. The investments in the JV will be Rs 50 crore over a five-year period. The target revenue from the new entity will be Rs 100 crore,” he said.