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Asian Paints Acquires 9.2% Stake in ICI (India) Limited

Published on 2003-10-23. Author : SpecialChem

October 23, 2003: Asian Paints (India) Limited has been awarded the 9.2% stake held by the Government of India in ICI (India) Ltd. according to a press release from the Ministry of Chemicals and fertilizers, Government of India. The release further stated that Asian Paints emerged the highest bidder at a bid price of Rs. 205/- per share for a total value of Rs. 77.09 crore.

The company had earlier submitted a financial bid for this acquisition of issued and paid up equity share capital of ICI (India) limited for a total of 3760783 shares of face value of Rs. 10/-.

Mr. Ashwin Dani, Vice Chairman & Managing Director, Asian Paints (India) Limited mentions "ICI (India) Ltd offers a good investment opportunity and Asian Paints does not plan to destabilize the current management at ICI (India) Ltd."

ICI is the fourth largest Paint Company in the decorative and the industrial segment and is a leading brand in the Indian market. ICI has been operating in the Indian market since 1911 and enjoys a significant share in the Indian paint market

Asian Paints is India's largest paint company and ranked among the top 10 Decorative Coatings Companies in the World with a group turnover of INR 20.4 billion (around US$ 430 million). Asian Paints along with its various subsidiaries has operations in 24 countries across the world and is the market leader in eleven countries. Asian Paints has manufacturing facilities in all these countries viz. India, Australia, Bangladesh, Egypt, Fiji, Mauritius, Nepal, Oman, Sri Lanka, Solomon Islands, Tonga, Vanuatu, China, Bahrain, Barbados, Dubai, Jamaica, Malaysia, Malta, Myanmar, Singapore, Samoa Islands, Thailand and Trinidad & Tobago.

Source: Asian Paints


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