Japan's largest coatings maker Nippon Paint Holdings will repurchase Nippon Paint (India) and Berger Nippon Paint Automotive Coatings for 14.5 billion yen from Singaporean paint conglomerate Wuthelam Group, Bloomberg reported. The deal is set to be completed in the first half of 2024.

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As per the details put out, Berger Paints India will continue to own 49 percent stake in the automotive coatings venture. As of now, the Wuthelam Group owns 58.7 percent stake in Nippon Paint Holdings.

Nippon Paint said the Indian businesses have good prospects for sustained profit growth.

Earlier in 2020, Wuthelam planned to acquire a majority stake in Nippon Paint Holdings in a deal valued at roughly 1.3 trillion yen ($12.3 billion). Nippon had also executed a call option for the businesses, which it sold for combined 10.8 billion yen in 2021.

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With inputs from Bloomberg

(Edited by : Shoma Bhattacharjee)