BackAsian Paints acquires remaining 49% stake in Sleek International
Asian Paints acquires the remaining 49% stake in Sleek International from the Ahuja family for Rs50 crore
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Mumbai: Asian Paints Ltd on Monday said it has acquired the remaining 49% stake in kitchen solutions provider Sleek International Pvt. Ltd from the Ahuja family for Rs50 crore.
In August 2013, Asian Paints had acquired 51% stake in Sleek International for around Rs120 crore. With the latest acquisition, Sleek International has become a 100% subsidiary of Asian Paints.
In a stock exchange filing, Asian Paints said, “the company has purchased the balance stake in Sleek from the Ahuja family and the shareholders agreement dated 8th August, 2013 with the Ahuja family has been terminated. Sleek has now become the wholly-owned subsidiary of the company."
Sleek International is engaged in the business of manufacturing, selling and distributing kitchens, kitchen components including wire baskets, cabinets, appliances and accessories.
Sleek International had a revenue of Rs157.62 crore in fiscal 2017, up 17% from the previous fiscal.
Shares of Asian Paints fell 0.55% or Rs5.25 on the BSE to close at Rs1,128.1, while the benchmark Sensex gained 0.62% to close at 33,455.79 points.
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