Indiaâ€™s Asian Paints buys Sri Lankaâ€™s Causeway Paints for Rs9bn
ECONOMYNEXT –Berger International Private Limited (BIPL), a Singaporean subsidiary of India’s Asian Paints has bought Sri Lanka’s Causeway Paints Lanka (Private) Limited (CPLPL) for Rs9,050 million.
A stock exchange announcement said Berger International acquired 100% of Causeway Paints in an all-cash deal amounting to 3.87 billion India rupees.
The acquisition is with the aim of enhancing the Asian Paints group’s presence in the Sri Lankan market where the company through its subsidiary company, Asian Paints (Lanka) Limited, already has operations, it said.
“CPLPL is a key player in the Sri Lanka coatings market operating for more than 2 decades and supplies mainly decorative paints (including wood finishes) and automotive paints.”
CPLPL was incorporated on 26th May, 1994 and operates from the Modarawila Industrial Estate in Panadura, Sri Lanka.
(COLOMBO, April 3, 2017)