PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Asian Paints Limited

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Asian Paints Completes Acquisition of Sleek Group - Asian Paints has acquired 51% stake in the Kitchen solutions provider company, Sleek International Private Limited - AsianPaints.com
Asian Paints Completes Acquisition of Sleek Group

 

NewswireToday - /newswire/ - Mumbai, India, 2013/08/08 - Asian Paints has acquired 51% stake in the Kitchen solutions provider company, Sleek International Private Limited - AsianPaints.com.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

The investment was approved by the board of Asian Paints Ltd on 8th August and the infusion of funds in 2 tranches of 120 crores shall be completed by 10th August, 2013

The Ahuja family, the current promoters of the company, shall hold the balance 49% stake. Rajesh T. Ahuja, the current CEO, will continue to be the Managing Director & CEO and Monesh T. Ahuja will also continue as the Executive Director of the joint venture. Asian Paints will nominate 2 Non Executive Directors on the Board of the joint venture and one of these nominees will be the Chairman.

The company believes that this acquisition has a strategic fit both with its current business as well as other lines of Home Improvement businesses that may get added in the future. It said that the modern kitchen space, which is currently undergoing an inflection, has very few organised pan India players and is growing rapidly.

“The engagement with the Sleek management over the last few months has reaffirmed our faith in the business and the opportunity of growth and synergy that it offer us. This is also the first step in our strategic foray in the Home Improvement space” said K.B.S. Anand, Managing Director & CEO Asian Paints Limited

“For the Sleek group, this is an important step in realizing the vision we had set for the company” said Mr Rajesh T. Ahuja, Managing Director & CEO, Sleek Group, about this acquisition.

Mumbai-based Sleek Group is a major organised player in the modern kitchen space and is engaged in the business of manufacturing, selling and distributing kitchens, kitchen components including wire baskets, cabinets, appliances, accessories, etc, with pan India presence. It has a retail network of more than 30 showrooms including shop-in-shops and a network of 250+ dealers.

About Asian Paints Limited

Asian Paints (asianpaints.com) is India’s largest paint company and ranked among the top ten Decorative coatings companies in the world with a consolidated turnover of 10,970 crores (109.70 billion). Asian Paints along with its subsidiaries have operations in 17 countries across the world with 25 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints Egypt, Asian Paints, Apco Coatings and Taubmans.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Manufacturing/Robotics Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Asian Paints Limited

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Manufacturing/Robotics articles,
CATCH Visitors via Your Competitors Announcements!


Asian Paints Completes Acquisition of Sleek Group

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

Asian Paints Limited | Sleek Group
Publisher Contact: Arun Nair - AsianPaints.com 
+91 22 3981 8387 proffice[.]asianpaints.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Asian Paints Limited securities in any jurisdiction including any other companies listed or named in this release.

Manufacturing/Robotics via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Asian Paints Limited / Company Profile


Read Manufacturing/Robotics Most Recent Related Newswires:

BASF Expands Automotive Refinish Coatings Manufacturing to Asia Pacific
Alstom’s South African JV Gibela Successfully Handed Over to PRASA The First X’Trapolis Mega
Neptune Lines Reduces Fuel Consumption and Emissions with Hempaguard
BASF Launches Ucrete MF40AS Industrial Flooring System on the European Market
Raritan Unveils Intelligent Cabinet Concept in Collaboration with Legrand Data Communications At Gartner Conference
Beretta Continues Global Celebration of its 490th Anniversary with Unveiling of One-of-a-Kind Shotgun in New York City
LANXESS Virkon S Proven to Kill Highly Pathogenic Avian Influenza Strains
BASF to Offer Tailor-made Product Innovation At European Coatings Show
Nexans to Drive Sustainable Transportation At its Annual Technical Conference
Tripp Lite Introduces A New Series of Pre-assembled 40 Gb to 10 Gb Breakout Fiber Patch Panels
Borealis and Asmidal Sign Memorandum of Understanding to Jointly Evaluate Opportunities for Melamine Production in Algeria
SCHOTT’s New Ultra-Thin Glass is the Thinnest, Toughest, Most Eco-Friendly Glass for Consumer Electronics
Hexagon Manufacturing Intelligence Supplies PTB with Leitz PMM-G
Atlas Copco Completes Acquisition of Chinese Self-pierce Riveting Solutions Business
SCHOTT Introduces Superior X-ray Imaging with SCHOTT’s Fiber Optic Faceplates and BOROFLOAT® Glass

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  La Bella Bakery Artisan Bakery Arizona

Visit  BizJobs.com





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)