Chennai, July 14 (IANS) Decorative paint marketing company Jenson & Nicholson Paints Pvt. Ltd said on Thursday that it hopes to log a turnover of around Rs.100 crore this year.
Jenson & Nicholson Paints is a 51:49 joint venture between listed company Jenson & Nicholson (India) Ltd (JNIL) and the city-based Sheenlac Paints Ltd, a major in the wood finish products.
"JNIL has transferred its paint brands to the joint venture company which will market the paints," Sheenlac Paints Managing Director Sudhir Peter told reporters here.
On June 6, 2016 JNIL had informed BSE that a trademark assignment agreement between the company (assignor), Jenson & Nicholson Paints (assignee- joint venture marketing company) and Vivid Colors Private Ltd (secured lender/pledge of such trademarks) to assign its trademarks was signed for a consideration of Rs 6 crore.
Wood finish coating major Sheenlac clocks a turnover of around Rs 400 crore.
"The brands of JNIL now belong to the joint venture marketing company Jenson & Nicholson Paints. Over a period of five years we will be investing around Rs 50 crore in the joint venture company," Peter added.
"Sheenlac brings its vast distribution network to the joint venture table. It is not easy to set up distribution network in the paint industry. Sheenlac is strong in South and Eastern parts of India with 400 distributors reaching around 15,000 outlets," said Sheenlac CEO Sridhar Krishnamoorthy.
According to Krishnamoorthy, JNIL has strong presence in north and northeast India.
"The joint venture hopes to spend around Rs.5 crore on promoting the paint brands.
"Leading products of JNIL include Robbialac, Decor, Rainbow, Safeguard and Special Effects," he added.
