Asian Paints completes deal to acquire Ethiopia's Kadisco

Asian Paints, India’s leading paint manufacturer, has completed its deal to acquire 51% stake in the Ethiopia-based Kadisco Paint and Adhesive Industry Share Company (Kadisco) for $18.95 million (about Rs 117.6 crore). The deal, which was first announced in October last year, is expected to further consolidate Asian Paints’ presence in the African paint market. Indian firm had acquired the stake in Kadisco Paint through its indirect subsidiary Berger International Limited (BIL), Singapore.
 
“BIL has completed the aforesaid acquisition for a consideration of $ 18.95 million in cash. Certain regulatory approvals are pending from the governing authorities in Ethiopia in relation to the said acquisition,” said Asian Paints Ltd in a BSE filing on February 10, 2015.
 
Kadisco, one of the leading paint companies in Ethiopia, is engaged in the manufacturing and selling of decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia.