Kansai Nerolac Paints to pick stake in Bangladeshi firm
Kansai Nerolac Paints Ltd has agreed to acquire 55% equity stake in Bangladesh-headquartered RAK Paints Ltd for Rs 45.81 crore (57.26 crore Bangladeshi taka or around $7 million)) in a cash deal.
The transaction, which is aimed at entering the high-growth market in the neighbouring country, comes two months after Kansai Nerolac said it would acquire Indian powder coatings maker Marpol.
In a stock exchange disclosure, Kansai Nerolac said it expects the transaction to be completed by July 31, subject to certain conditions.
RAK Paints, which makes decorative and industrial paints, was established in 2009 in Bangladesh and had a turnover of Rs 81.94 crore as of June 30 last year.