Asian Paints has announced it has entered into agreements to acquire a 51% stake in Harind Chemicals and Pharmaceuticals Private Limited from Aapex Power and Industries Private Limited, Swapan Ghosh, Ph.D., and other existing shareholders, subject to completion of the conditions precedent set in the definitive documents.
Asian Paints has also agreed to acquire a further 39% stake in Harind from the existing shareholders, in a staggered manner, over the next five years, subject to fulfillment of certain conditions precedent and achievement of financial targets.
Founded by Ghosh, Harind is a specialty chemicals company built with nanotechnology at its core, primarily in the area of surface coating and care. Harind has been researching, developing, and manufacturing several nanotechnology-based products over the past few years, finding applications across a wide array of industries. Ghosh will continue to lead Harind as the chief executive officer.
“Being forerunners in world-class coatings technology, this partnership with Harind leverages Asian Paints in the era of next-gen nanotechnology, to offer customers an exciting wave of innovations in the coating space. Our endeavor has always been to invest in pioneering technology, which gives us a sustainable, competitive advantage, helping us create breakthrough products in the market,” said Amit Syngle, managing director and CEO of Asian Paints Limited.
“At Harind, we have constantly endeavored to develop cutting-edge nanotechnology-led coating solutions. This partnership with Asian Paints will enable a wider canvas to our research, and has strong synergies for both partners that will unlock the potential of this exciting new field for the consumer,” said Ghosh, promoter and CEO Harind.
For more information, visit: www.asianpaints.com.