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Asian Paints to acquire 50.1% in Berger Intl
BANGALORE: This investment, at the prevailing exchange rate, will amount to approximately Rs 57.6 crore and is subject to requisite approvals of the Reserve Bank of India.
BIL, which has subsidiaries in 11 countries except India, is listed on Singapore Stock Exchange. The firm also has 30 percent stake in Dutch Boy Philippines Inc., a Philippines based company.
Ashwin Dani, vice chairman & managing director, Asian Paints India Ltd, said, "the acquisition would help get access to the high growth emerging markets. Most of the countries that BIL operates in were on our radar screen and that there is tremendous scope for Asian Paints to add value in these markets.”
Access to China and South East Asian markets will give it an opportunity to tap the fastest growing paint markets in the world. He further stated "Asian Paints expertise in the areas of product development, marketing, supply chain management and manufacturing will significantly add value to all these markets".
"Better working capital management and low capital expenditure has resulted in consistent free cash flows for the company. The cash flows and low debt of the company will comfortably help finance the acquisition,” he said.