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Asian Paints buys stake in duo

The company will infuse Rs 19 crore in Weatherseal Fenestration for a 51 per cent stake
Representational image.
Representational image.
File photo.

Our Special Correspondent   |   Mumbai   |   Published 02.04.22, 04:31 AM

Asian Paints on Friday said it will acquire stakes in two companies — White Teak and Weatherseal Fenestration as it looks to emerge as a home solutions provider with a presence in home improvement and décor segments as well.

The company will infuse Rs 19 crore in Weatherseal Fenestration for a 51 per cent stake. It has also agreed to acquire an additional 23.9 per cent stake in Weatherseal Fenestration from its promoters in a staggered manner, over the next three years.

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Asian Paints will acquire a 49 per cent stake in Obgenix Software Pvt Ltd (known by the brand name White Teak) from the promoters for a consideration of Rs 180 crore, along with an earnout of up to Rs 114 crore, payable after a year.



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