Asian Paints (International) Ltd (APIL), a wholly owned subsidiary of India’s largest paints company Asian Paints Ltd, has agreed to buy 51 per cent equity stake in Ethiopia-based Kadisco Chemical Industry Plc for an undisclosed amount, according to a stock market disclosure.
Asian Paints (International) has signed an agreement with the shareholders of Kadisco to acquire either directly or through its subsidiaries, 51 per cent stake of the equity share capital of Kadisco, the disclosure said. Kadisco manufactures and sells paints, other coatings and adhesives in Ethiopia.
In February this year, Asian Paints had hiked its stake in Singapore-headquartered Berger International Ltd (BIL), an investment holding company which manufactures, distributes and sells paint and related products in Bahrain, The United Arab Emirates, Jamaica, Trinidad and Barbados, to around 96.7 per cent.
In August last year, Asian Paints had invested Rs 120 crore as part of a deal to buy a 51 per cent stake in Sleek International Pvt Ltd, one of the top modular kitchen solutions firms in India.
Asian Paints is the largest paints company in the country ahead of Berger Paints (not associated with Berger International), Kansai Nerolac and Akzo Nobel (earlier ICI). It has operations in 24 countries with combined paint manufacturing capacity of around 330 million litres per annum.
Shares of Asian Paints were trading at Rs 538.00 per share at 11:45 AM, down 0.73 per cent on the BSE from its previous close in a weak Mumbai market on Tuesday.
(Edited by Joby Puthuparampil Johnson)