Asian Paints Ltd has acquired the 49% stake it didn’t already own in unit Sleek International Pvt. Ltd, a maker of modular kitchens and wardrobes, for INR 50 crore (USD7.8 million) in cash.
The stake was bought from the Ahuja family, India’s largest paints company said in a stock-exchange filing on Monday.
Asian Paints had purchased a 51% stake in Sleek International from the Ahuja family in 2013, marking its entry in the home improvement segment.
The paint maker had paid INR 99.78 crore for the 51% stake, valuing Sleek at INR 195.6 crore. The latest transaction values Sleek at INR 102 crore.
Earlier this year, Asian Paints purchased Sri Lanka’s Causeway Paints Lanka (Pvt) Ltd to expand its overseas business.
(Source: www.vccircle.com)
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