Indigo Paints has entered into a Share Purchase and Share Subscription Agreement (SPSS) and a Shareholders Agreement (SHA) on April 03, 2023 with Apple Chemie India (ACIPL) to acquire 51% equity shares in ACIPL. Indigo Paints also has an option to acquire additional stake in Apple Chemie at the end of 3 years.
ACIPL is engaged in the manufacture and sale of construction chemicals and water proofing products. With the acquisition of 51% equity share, ACIPL will become a subsidiary of the Company, enabling the Company in expanding its product portfolio in the space of construction and water proofing products.
Indigo Paints is one of the fastest-growing paint companies in India.