Asian Paints to Exit Mauritius; Will Build New Plant in India
January 1, 2005
MUMBAI, India - Asian Paints (India) Ltd. announced plans to divest its 89.6% ownership stake in its Mauritius subsidiary Asian Paints (Mauritius) Ltd. in a plan to exit its operations in the country. Separately, the company said it will build an industrial-coatings manufacturing plant in Taloja, Maharashtra, India, in response to strong growth in domestic demand. Asian Paints, based in Mumbai, said the moves are the result of an "emerging markets growth strategy." The company said its industrial liquid-coatings business has been expanding at an average rate of 30% over the last three years due to increased demand for protective coatings and an expansion into the road-markings and floor-coatings segments. Following the exit from Mauritius, Asian Paints said its operations would include manufacturing facilities in 22 countries in Asia, Australia, the South Pacific, the Middle East and the Caribbean.