 "Asian Paints acquires Sri Lankan firm Causeway Paints")
Asian Paints Ltd, through its Singapore-based indirect subsidiary Berger International Pvt Ltd (BIPL), has acquired Causeway Paints Lanka Pvt Ltd, the Sri Lankan paints manufacturing company.
“Berger International Private Limited, Singapore, indirect subsidiary of the company, has entered into a share purchase agreement with the existing shareholders of Causeway Paints Lanka Pvt Ltd (CPLPL), Sri Lanka, for acquisition of 100 percent stake in CPLPL in an all cash deal,” said Asian Paints Ltd in a BSE filing.
The acquisition will enhance the group's presence in the Sri Lankan market where the company already operates through its subsidiary, Asian Paints (Lanka) Limited.
CPLPL is a key player in the Sri Lankan coatings market operating for more than two decades and supplies mainly decorative paints (including wood finishes) and automotive refinish paints.
Though Asian Paints did not disclosed the deal size, it said, CPLPL reported revenue of Sri Lankan Rupee 5,630 million (approximately Rs 253.60 crore) in the previous fiscal.
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