Berger Paints India's acquisition of Bolix S.A (Poland) at an estimated cost of $38.6 million was held up by lack of clearances expected to be completed by August, said Subir Bose, managing director of Berger.
Kuldeep Singh Dhingra, chairman of Berger, said, “The acquisition of Bolix will open up a huge market in Baltic nations and Poland besides giving a product focussed on energy saving building technologies.”
Bolix S.A., the largest provider of EIFS systems in the B2B segment in Poland and neighbouring countries, had around 40 per cent penetration in Poland.
Dhingra said more than half of Bolix dealers would sell Berger paints.
Berger was looking at 20 per cent market share in the $300 million market in Poland and Baltic states.
Slackening of paint demand in the domestic market and rising oil prices could see prices hiked from August 1, with water-based products up 5-8 per cent and oil-based products up 15-20 per cent, said Bose.
