Asian Paints has acquired 51% stake in the Kitchen solutions provider company, Sleek International (SIPL). The investment was approved by the board of Asian Paints on August 08, 2013 and the infusion of funds in 2 tranches of Rs 120 crores shall be completed by August 10, 2013.
The company believes that this acquisition has a strategic fit both with its current business as well as other lines of Home Improvement businesses that may get added in the future. It said that the modern kitchen space, which is currently undergoing an inflection, has very few organised pan India players and is growing rapidly.
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 and 28 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints-Egypt, Asian Paints, Apco Coatings and Taubmans.
