Asian Paints Ltd.

Asian Paints has received an in-principle approval for arrangement with the promoters of the Sleek Group for acquiring a 51 percent stake in the Sleek Group, subject to due diligence, necessary approvals and documentation. The board at its meeting held on March 19, 2013 has approved the same.

This acquisition of the Sleek Group has a strategic fit and is a step in the company's foray into Home Improvement. The company has chosen to enter the modern kitchen space, as it believes that the modern kitchen space is currently undergoing an inflection, has very few organized pan India players and is growing rapidly.

Sleek Group is engaged in the business of manufacturing, selling and distributing kitchens, kitchen components including wire baskets, cabinets, appliances, accessories, etc., with pan India presence

Asian Paints is India’s largest paint company and Asia’s third largest paint company with an annual turnover of Rs 5,463 crore. 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.