Asian Paints Limited Approves Scheme of Amalgamation for Subsidiaries
Asian Paints Limited announced on March 24, 2026, that the Boards of Directors of Harind Chemicals and Pharmaceuticals Private Limited and Nova Surface-Care Centre Private Limited have approved a Scheme of Amalgamation. Under the scheme, Nova will be merged with Harind.Nova Surface-Care Centre Private Limited was incorporated on September 7, 2011, while Harind Chemicals and Pharmaceuticals Private Limited was incorporated on June 6, 1995. Nova is a wholly-owned subsidiary of Harind, and Asian Paints Limited holds a 51% stake in Harind.
The amalgamation is not expected to have a material impact on the financials of Asian Paints Limited. The transaction is considered a related party transaction as both Harind and Nova are subsidiaries of Asian Paints Limited. The transaction was conducted at arm's length and received approval from the Audit Committee of the Company.
The rationale for the amalgamation is to streamline operations and align the business structure. Nova's laboratory testing capacity is currently used by Harind, and consolidating the entities will enable more effective management. There is no consideration involved in the transaction, and all equity shares issued by Nova will be cancelled upon the scheme's effectiveness.
Below is a summary of key details regarding the entities involved:
| Particulars | Disclosure |
|---|---|
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as size, turnover, etc. | Transferor Company: Nova Surface-Care Centre Private Limited (''Nova'') is a private limited company. Transferee Company: Harind Chemicals and Pharmaceuticals Private Limited ('Harind'') is a private limited company. Asian Paints Limited ('the Company') holds 51% stake in Harind. |
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as size, turnover, etc. | Net worth as of 31.03.2025 |
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as size, turnover, etc. | (Rs. in crores) Turnover as of 31.03.2025 |
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as size, turnover, etc. | Nova |
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as size, turnover, etc. | 0.49 |
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as size, turnover, etc. | 0.08 |
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as size, turnover, etc. | Harind |
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as size, turnover, etc. | 18.81 |
| Name of the entity(ies) forming part of the amalgamation/merger, details in brief such as size, turnover, etc. | 37.87 |
| Area of business of the entity(ies) | Transferor Company: Nova is engaged in the business of testing services of paints and related chemicals. Transferee Company: Harind is engaged in the business of manufacturing/dealing in chemical and other related products related to paints. |
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