Asian Paints Procures Sri Lankan Firm Causeway Paints
Mumbai, India: Asian Paints Ltd, through its Singapore-based indirect subsidiary Berger International Pvt Ltd (BIPL), has announced that it has acquired Causeway Paints Lanka Pvt Ltd, the Sri Lankan paints manufacturing company.

"Berger International Private Limited, Singapore, indirect subsidiary of the company, has entered into a share purchase agreement with the present shareholders of Causeway Paints Lanka Pvt Ltd (CPLPL), Sri Lanka, for procurement of 100 per cent stake in CPLPL in an all cash deal," said Asian Paints Ltd.

The acquisition will improve the group's presence in the Sri Lankan market where the company at present operates through its subsidiary, Asian Paints (Lanka) Limited.

Though Asian Paints did not divulged the deal size, it said, CPLPL reported revenue of Sri Lankan Rupee 5,630 million (approximately 253.60 crore) in the preceding fiscal.