Asian Paints is foraying into home improvement segment by acquiring 51 per cent stake in Sleek Group, an organised player in the modern kitchen space.
The company said in a release that the board of directors of Asian Paints has approved in principle an arrangement with the promoters of the Sleek Group for acquiring a 51 per cent stake in the firm, subject to necessary approvals.
The company, however, did not disclose the amount paid for the acquisition.
"Sleek is well poised to be a meaningful and enriching partner for Asian Paints' foray into modern kitchens. This acquisition will offer significant opportunities and synergy for the company," Asian Paints Managing Director and CEO K B S Anand said.
Sleek Group is a major organised player in the modern kitchen space and is engaged in the business of manufacturing, selling and distributing kitchen components including wire baskets, cabinets, appliances, accessories with a pan India presence.
The company has a retail network of more than 30 showrooms and a network of over 250 dealers.
Asian Paints is a leading paint company and ranked among the top 10 decorative coatings companies in the world with a turnover of Rs 963.2 crore.
It, along with its subsidiaries, has operations in 17 countries across the world with 24 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints Egypt, Asian Paints, Apco Coatings and Taubmans.
With PTI inputs