Asian Paints to buy 51% stake in modern kitchen maker Sleek

Moneycontrol Bureau

Asian Paints on Tuesday said its board has approved in principle an arrangement with the promoters of Sleek Group to acquire 51 percent stake in the maker and distributor of kitchens and kitchen components.

Sleek Group manufactures, sells and distributes kitchens and components like wire baskets, cabinets, appliances and accessories through a network of over 30 showrooms and more than 250 dealers across India.

Asian Paints said the acquisition would be a strategic fit in its plans to foray into the home improvement space. It would offer "significant opportunities and synergy," said KBS Anand, MD, CEO.

The financial terms of the deal were, however, not disclosed.

"Asian Paints has chosen to enter the modern kitchen space, as the company believes that the modern kitchen space is currently undergoing an inflection, has very few organised pan India players and is growing rapidly," it said.

Asian Paints shares were down 1.4 percent at Rs 4,932.85 on NSE in late trading.