 "Asian Paints plans second firm in Indonesia")
Asian Paints, India's largest and Asia's third largest paint company, is planning to establish its second company in Indonesia for distributing products in that country. The company has already incorporated PT Asian Paints Indonesia as a wholly owned subsidiary of Berger International Limited (Asian Paints’ Singapore-based indirect subsidiary) to set up a manufacturing plant with a capacity of 24,550 tonne in Indonesia.
“A second application for investment approval was made with Badan Koordinasi Penanaman Modal (BKPM), the Investment Coordinating Board of Republic of Indonesia, for incorporating a second company in Indonesia which will engage in import of finished goods including decorative paints, other coatings and related items for sale in Indonesia. BKPM has issued a principal license approving the said investment application,” said Asian Paints in a BSE filing.
The move is expected to give a boost to Asian Paints’ international business, which currently accounts for 13 per cent of the company’s consolidated revenues.
“A second application for investment approval was made with Badan Koordinasi Penanaman Modal (BKPM), the Investment Coordinating Board of Republic of Indonesia, for incorporating a second company in Indonesia which will engage in import of finished goods including decorative paints, other coatings and related items for sale in Indonesia. BKPM has issued a principal license approving the said investment application,” said Asian Paints in a BSE filing.
The move is expected to give a boost to Asian Paints’ international business, which currently accounts for 13 per cent of the company’s consolidated revenues.