Kansai Nerolac Paints has entered into Share Purchase Agreements (SPAs) to acquire 100% equity stake in Marpol for an aggregate consideration of Rs 360 million before adjustments due to legal and financial due diligence.

Marpol is a pioneer in power coating business and its brand is very reputed. Marpol manufactures products such as epoxy polyester, pure polyester, pure epoxy and polyurethane powder.

H M Bharuka, Vice Chairman and Managing Director, Kansai Nerolac Paints, said that "Kansai Nerolac is a leader in the Powder coating market in India. The acquisition of Marpol will further add to the leadership of Kansai Nerolac and help us serve our customers even better. Marpol strategically fits in perfectly with the long term objective of Kansai Nerolac and presents significant opportunities for synergy and mutual benefit."

Shares of the company gained Rs 2.85, or 0.57%, to trade at Rs 502.05. The total volume of shares traded was 703 at the BSE (10.50 a.m., Thursday).