Berger Paints India (Berge) and Chugoku Marine Paints, (CMP) of Japan have entered into a Memorandum of Understanding (MoU) for cooperation and collaboration in the field of marine and related industrial paints in India.

The MoU envisages joint efforts in marketing, supplying and purchasing marine related industrial paints. Subsequently, the parties have a view of establishing a joint venture company as their final objective.

Masataka Uetake, President & CEO said that "Chugoku looks forward to the partners jointly becoming leading players in marine coatings in India and the neighboring region."

Abhijit Roy, CEO, Berger Paints , mentioned that "Chugoku and Berger together have considerable strength in technical expertise, product, market knowledge and relevant skills and infrastructure and these are expected to considerably benefit the territory's market requirements."

Shares of the company declined Rs 2.35, or 1%, to trade at Rs 232.80. The total volume of shares traded was 109,531 at the BSE (3.48 p.m., Tuesday).