Asian Paints expands operation; acquires Causeway Paints Lanka
DSIJ Intelligence / 16 Feb 2017
Indian multinational paint company-Asian Paints has informed the BSE in a filing that its wholly-owned subsidiary Berger International, Singapore has acquired 100 per cent stake in Causeway Paints Lanka in an all-cash deal.
Indian multinational paint company-Asian Paints has informed the BSE in a filing that its wholly-owned subsidiary Berger International, Singapore has acquired 100 per cent stake in Causeway Paints Lanka in an all-cash deal.
The primary objective behind the acquisition is to enhance the groups present in Sri Lankan market, where the company already has its operations. Causeway Paints Lanka is an important player in the Sri Lankan coating market with over two decades of experience mainly in decorative and automotive refinishing segment.
Asian Paints via acquisition of smaller paint companies is trying to expand its revenue base and at the same time, set up a global presence where demand for its products are likely to grow. The acquisition will boost the top-line for the paint maker as revenues for FY16 was around Rs 253.60 crore.
Shares of Asian Paints were trading flat with a negative bias at Rs 975 on NSE.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.