Kolkata, Feb 22 (IANS): Sheenlac Paints, which entered into a joint venture with Jenson and Nicholson India, has drawn up a five-year roadmap to achieve Rs 350 crore revenue.

The company may explore the possibilities to increase its stake in the joint venture, a company official said on Wednesday.

The joint venture is in the form of a special purpose vehicle (SPV) called Jenson and Nicholson Paints Pvt Ltd.

Chennai-based Sheenlac has 49 per cent stake while Jenson & Nicholson India holds 51 per cent equity in the JV company.

"The join venture company has drawn up a five-year roadmap and aims to achieve Rs 350 crore revenue by end of the five years. As per agreement, all the options are open, including the increase of our stake in the JV. We will sit and negotiate after five years," Sheenlac's CEO Sridhar K. said.

Despite being the minority stakeholder, Sheenlac will have the managerial control in the JV and plans to pump in initial investments of Rs 50 crore, Sridhar said.

The JV will manufacture paints from four facilities with a combined capacity of one lakh KL per annum.

The JV is a strategic move in gain traction in markets which are highly competitive like the North- East.