Paints and coatings manufacturer Akzo Nobel India Ltd announced that its board has approved exploring the sale of its powder coatings business and R&D operations to an indirect subsidiary of its parent company, Akzo Nobel NV.

Following a request from Akzo Nobel NV (ANNV), the board of Akzo Nobel India Ltd will begin evaluating and taking initial steps towards the potential sale of the powder coatings division and its international research centre to a wholly-owned subsidiary of ANNV, according to a regulatory filing.

Additionally, Akzo Nobel India is considering acquiring decorative paints intellectual properties from ANNV.

"The board has authorised management to begin necessary steps to explore and evaluate these potential transactions," the filing stated. The transactions will be subject to further deliberation by the board in line with applicable laws.

Akzo Nobel India operates in various sectors of the paints and coatings industry, including decorative paints, automotive coatings, industrial coatings, marine, and protective coatings, as well as powder coatings.