Asian Paints on Thursday said its subsidiary Berger International will completely take over Sri Lanka's Causeway Paints in an all cash deal.
"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," Asian Paints Ltd said in a BSE filing.
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. Shares of Asian Paints were trading 0.65 per cent lower at Rs 975 on BSE.