On 1 August, Asian Paints and PPG Industries completed the restructuring of their 50-50 joint venture. The companies wanted to expand their joint operations and ensure that they utilize both companies’ strengths.
Bombay High Court approved the scheme on 6 July.
The restructuring started with the merger of AP Coatings and PPG Coatings India – subsidiaries of Asian Paints and PPG Industries, respectively – with Asian PPG Industries (APPG), the companies’ original joint venture.
After this, the companies demerged their liquid industrial paints, powder coatings and protective coatings businesses from APPG, merging them with Asian Paints PPG – a second joint venture, incorporated in August 2011.
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