The Indian unit of American paint firm Sherwin-Williams was recently acquired by Berger Paints India Ltd. The terms of the acquisition was not disclosed according to a BSE filing.
Sherwin-Williams started its participation in the Indian market after its purchase of Nitco Paints Pvt Ltd last 2006 and has grown to earn Rs100 crore in revenues. According to KS Dhingra, Chairman of Berger Paints, "The transaction will significantly increase our presence in key markets. It builds on our strategy to grow our architectural and paint business throughout India and brings a high quality, committed team of employees to Berger Paints India."
Berger Paints is the second largest paint company in India in terms of revenues. Based out of Kolkata, the company operates seven manufacturing units and has business partnerships in four other countries outside of India. The share values at midday was Rs207.45 per share, which is a rise of 0.29% on the BSE.
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