Asian PPG Industries to buy part of ICI India

PPG Industries announced Tuesday that its 50 percent-owned joint venture Asian PPG Industries Ltd. will buy ICI India Ltd.'s premium automotive refinish business for about $12 million.

Based in India, Asian PPG Industries is jointly owned by Pittsburgh-based PPG Industries, a glass, sealant and paint maker, and Asian Paints Ltd.

ICI India's premium refinish business employs about 60 people in India.

The deal is expected to close in mid-March.