Asian Paints, the largest paint company in India, announced that BIL has completed the acquisition for a consideration of USD 18.95 million (appx. Rs 1.17 billion) in cash. Certain regulatory approvals are pending from the governing authorities in Ethiopia in relation to the said acquisition.

With reference to the earlier letter dated October 22, 2014, wherein the company had informed that Berger International, Singapore (BIL), an indirect subsidiary of the Company, had signed a share purchase agreement and other definitive agreements and documents to acquire 51% stake in Kadisco Paint and Adhesive Industry Share Company, Ethiopia (“Kadisco') (the “Acquisition”).

Kadisco is one of the leading paint companies in Ethiopia and is engaged in the manufacturing and selling of decorative paints, industrial paints, automotive paints, other coatings and adhesives in Ethiopia.

Shares of the company gained Rs 12.55, or 1.53%, to trade at Rs 834.25. The total volume of shares traded was 50,819 at the BSE (9.48 a.m., Wednesday).