Asian Paints Ltd to acquire Causeway Paints in an all cash deal

Asian Paints has said that its subsidiary Berger International will fully acquire Sri Lanka's Causeway Paints in an all cash deal.

Asian Paints Ltd said, "Berger International Pvt Ltd, Singapore, indirect subsidiary of the company, has entered into a share purchase agreement with the existing shareholders of Causeway Paints Lanka (Pvt) Ltd (CPLPL), Sri Lanka, for acquisition of 100 per cent stake in CPLPL in an all cash deal."

It further said, "The aforesaid transaction is with an objective of enhancing the group's presence in the Sri Lankan market where the company through its subsidiary company, Asian Paints (Lanka) Ltd, already has operations".

Asian Paints did not disclose the deal size. However, it said, CPLPL reported revenue of Sri Lankan Rupee 5,630 million (approx Rs 253.60 crore) in the previous fiscal.