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 Rs 50 crore ($7.8 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 Rs 99.78 crore for the 51% stake, valuing Sleek at Rs 195.6 crore. The latest transaction values Sleek at Rs 102 crore.
Mumbai-based Sleek was set up in 1993. It makes, sells and distributes kitchens, wardrobes and components. The company posted revenue of Rs 157.62 crore for 2016-17, up from Rs 135.11 crore the year before and Rs 119.79 crore for 2014-15.
Asian Paints was set up in 1942. It operates in 16 countries and runs 25 paint manufacturing factories. The company has made several inorganic moves in the past to boost its home décor business.
Earlier this year, Asian Paints purchased Sri Lanka’s Causeway Paints Lanka (Pvt) Ltd to expand its overseas business.
In 2014, it had acquired the front-end sales business of Punjab-based bathroom fittings and accessories manufacturer Ess Ess Bathroom Products Pvt Ltd.
The same year, the company bought a major stake in Ethiopia-based paint and adhesives maker Kadisco Chemical Industry Plc.