New Delhi: Asian Paints has said its subsidiary Berger International will fully acquire Sri Lanka’s Causeway Paints in an all cash deal.
“Berger International Pvt Ltd, Singapore, indirect subsidiary of the company, has entered into a share purchase agreement with the existing shareholders of Causeway Paints Lanka Ltd. (CPLPL), Sri Lanka for acquisition of 100% stake in CPLPL in an all cash deal,” Asian Paints Ltd. said in a BSE filing.
It further said: “The aforesaid transaction is with an objective of enhancing the group’s presence in the Sri Lankan market where the company, through its subsidiary company Asian Paints (Lanka) Ltd., already has operations.”
Asian Paints did not disclose the deal size. However, it said CPLPL reported revenue of Rs. 5,630 million (approximately Rs. 253.60 crore) in the previous fiscal year.