Calcutta, June 13: City-based Berger Paints will seek shareholders' approval to expand its memorandum of association to allow diversification into areas such as chemicals, insulation, furnishing and decorative items.
"The company is considering the business opportunities available in various areas relating to home decor and construction industry as well as adhesives and other related materials where the company's manufacturing facilities and marketing network can be conveniently used," Berger said in a communication to the Bombay Stock Exchange.
Besides the core business of paints, the company plans to engage in the manufacture and sale of adhesive, sealants, gums, binders and glues, primers, hardeners, art and craft materials, adhesive tapes, papers and products, chemicals related to home improvement and décor.
In addition, laminates, partitions, plywood, different types of fittings, glasses, door closures, glasses, mirrors, sunfilms, wallpapers, decorative items, flooring and roofing materials, insulation and waterproofing materials are among some of the business areas on the company's radar.
The result of the postal ballot seeking shareholders' approval on the changes will be declared on July 17, 2017.
Berger Paints has already announced a series of acquisitions and business associations as part of its efforts to diversify business and add to its topline. The company had announced the acquisition of Chandigarh-based Saboo Coatings and has picked up a majority stake in Saboo Hesse Wood Coatings last month.
Additionally, the company has decided to partner Chugoku Marine Paints of Japan.