Home >companies >Asian Paints acquires Ethiopian paint maker

Mumbai: Asian Paints Ltd, India’s largest paint company, on Tuesday said that its wholly-owned subsidiary, Asian Paints (International) Limited, had acquired 51% equity share capital of Ethiopia-based Kadisco Chemical Industry PLC.

“Asian Paints (International) Limited, a wholly owned subsidiary of the Company on 14 April 2014 has signed an agreement with the shareholders of Kadisco Chemical Industry PLC to acquire either directly or through its subsidiaries, 51% of the equity share capital of Kadisco" the company said in a statement.

This acquisition is subject to applicable regulatory and other approvals. Kadisco is engaged in the manufacturing and selling of paints, other coatings and adhesives in Ethiopia.

Shares of Asian Paints closed 1.32% lower at 534.80 apiece on BSE on Tuesday, while India’s benchmark S&P BSE Sensex fell 0.64% to 22,484.93 points.

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