Dulux owner AkzoNobel India said its board approved a proposal of selling non-productive properties of the company.
The Board has approved a proposal of monetisation by way of sale of Company’s immovable property/ies, which is/are having a very limited use/non-productive use for business operations of the Company. As and when the Company is about to reach a finality on sale of such immovable property/ies by signing the definitive agreement/s, appropriate disclosures to the stock exchanges would be made," said Akzo Nobel India in a stock exchange filing.
AkzoNobel India also appointed Anil Chaudhry as an independent director for three years, subject to shareholder approval via postal ballot and accepted independent director Smriti Rekha Vijay's resignation "on account of her ongoing health challenges".
AkzoNobel NV, the Dutch parent of AkzoNobel India, had recently signalled its intent to engage with market players in India as it evaluates options for its decorative paints business. In a post-earnings call with analysts in October, the company specifically referenced Grasim Industries, part of the Aditya Birla Group, and market leader Asian Paints, hinting at possible collaboration or even a stake sale in the Indian market.
