Asian Paints Limited (NSEI:ASIANPAINT) entered into definitive agreements to acquire 51% stake in Harind Chemicals and Pharmaceuticals Private Limited from Aapex Power and Industries Private Limited, Swapan Ghosh and others for approximately INR 130 million on October 20, 2022. The consideration will be paid in cash. In related transaction, Asian Paints also agreed to acquire additional 39% stake in Harind from the existing shareholders, which consist of second tranche of 19% and third tranche of 20% would be acquired during the FY 2023 ? 24 and FY 2027 ? 28, respectively, on such consideration as agreed between Asian Paints and the existing shareholders based on achievement of certain financial targets. Post-acquisition, Harind will be a subsidiary of Asian Paints. Harind Chemicals and Pharmaceuticals has a turnover of INR 230 million, and Net worth of INR 43 million for year ended March 31, 2022. The consummation of the transaction and payment of consideration shall be subject to fulfilment of conditions precedent as set out in the Share Purchase Agreements & other definitive documents and receipt of necessary regulatory approvals.

Asian Paints Limited (NSEI:ASIANPAINT) completed the acquisition of 51% stake in Harind Chemicals and Pharmaceuticals Private Limited from Aapex Power and Industries Private Limited, Swapan Ghosh and others for approximately INR 140 million on February 14, 2024. The increase in the consideration paid is in accordance with the terms of the Share Purchase Agreements & other definitive documents entered into by the Company with Aapex, the existing shareholders, and Harind. Accordingly, Harind and Nova Surface-Care Centre Private Limited, a wholly owned subsidiary of Harind, have become subsidiary companies of Asian Paints.