Asian Paints arm acquires Sri Lankan firm Causeway Paints

Asian Paints today said its subsidiary Berger International has fully acquired Sri Lanka's Causeway Paints in an all cash deal of Rs 387 crore.

Berger International Pvt Ltd (BIPL) has today completed the transaction for a consideration of LKR (Lankan Rupee) 9,050 million (approximately Rs 386.75 crore) in cash, Asian Paint said in a BSE filing.

The company had in February entered into a share purchase agreement with the existing shareholders of Causeway Paints Lanka Pvt Ltd (CPLPL) for acquisition of 100 per cent stake.

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