5 April 2017 09:40 am
India’s Asian Paints has acquired Sri Lankan paint maker Causeway Paints Lanka (Pvt) Ltd. in a deal to the tune of Rs.9.05 billion, Indian media reports said.
The acquisition was carried out through Berger International (Pvt) Ltd., a subsidiary of Asian Paints.
Bombay Stock Exchange listed Asian Paints had in February entered into a share purchase agreement with the existing shareholders of Causeway Paints for the acquisition of 100
percent stake.
The transaction has been done with an objective of enhancing Asian Paint’s presence in the Sri Lankan market where the company through its subsidiary Asian Paints (Lanka) Ltd already has operations.