Asian Paints has received its board's approval for the scheme of amalgamation of Asian Paints (International), Mauritius, wholly owned subsidiary of the company with Itself (Asian Paints). The Scheme will come into effect subject to the approval from the Stock Exchanges, Bombay High Court and such other statutory authorities as may be required in India and Mauritius. The proposed Scheme has been reviewed and recommended for approval by the Audit Committee of the Board of the Company at its meeting held on October 24, 2016.
Asian Paints is India’s largest paint company and Asia’s third largest paint company. The company along with its subsidiaries has operations in 20 countries across the world, servicing consumers in 65 countries through Berger International, SCIB Paints-Egypt, Asian Paints, Apco Coatings and Taubmans. The company has reported 18.12% rise in its consolidated net profit at Rs 494.76 crore for the quarter ended September 30, 2016 as compared to Rs 418.87 crore for the same quarter in the previous year.
