By Berger International, Singapore
Asian Paints announced that Berger International, Singapore, an indirect subsidiary of the Company, has completed the acquisition of 51% stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia for a consideration of US$ 18.95 million (appx. Rs. 117.6 crore) in cash. Certain regulatory approvals are pending from the governing authorities in Ethiopia in relation to the said Acquisition.Kadisco is one of the leading paint companies in Ethiopia and is engaged in the manufacturing and selling of decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia
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