Significant news.
Pursuant to Regulation 30 and other applicable regulations of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, we hereby inform you that Sirca Paints India Limited (“the Company”), has, entered
into an exclusive Manufacturing license Agreement with Sirca S.p.A (Italy) to
manufacture 10 different Polyurethane wood coating products in India, which were
earlier imported from Sirca S.p.A (Italy) by the Company.
Further, the aforesaid products roughly make up 50-55% of the Company’s total sales,
Sirca S.p.A (Italy) will be providing the technical know-how to the Company in order to
manufacture these products as per the Italian quality standards, moreover, Sirca S.p.A
(Italy) will also be supplying the Company with the key raw material i.e., resins, for
manufacturing these products in India for the first 3 months, post that these resins will be
produced / procured in India.
This strategic initiative will allow the Company to cut down on its import bill and
inventory days of finished goods, increase its manufacturing in India, and strengthen its
operations.
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