JK Cement’s subsidiary acquires 60% stake in Acro Paints Ltd
- ByStartupStory | January 7, 2023
JK Paints & Coatings Limited, a wholly owned subsidiary of JK Cement, has acquired a 60% stake in Acro Paints for a cash consideration of 153 crore. On Friday, the JK Cement’s subsidiary acquired the Delhi-based paint company.
Through this acquisition, the cement company’s subsidiary would receive commercial benefits in the painting business industry.
“JK Paints & Coatings Limited (‘JKPCL’), wholly owned subsidiary of the Company, has initially/at first tranche invested an amount of INR 153 Crores (Rupees One Hundred and Fifty Three Crore Only) and completed the acquisition of 60% equity shares of Acro Paints Ltd,” said JK Cement in its regulatory filing.
“APL has become a subsidiary of JKPCL and a step down subsidiary of the Company with immediate effect,” it further added. Acro Paints Ltd is a paint manufacturer and a manufacturer of construction chemicals, offering a diverse range of decorative paints and waterproofing products. Acro Paints Limited is a Non-Govt Company founded on 18th May, 1989. Its reported net revenue of 72.05 crore for the fiscal year ended 31 March 2022.
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