Asian Paints pays Rs. 9 b to buy Causeway Paints

India’s Asian Paints Group has bought a 100% stake in Causeway Paints Lanka Ltd. for Rs. 9 billion. 

The acquisition is through Berger International Ltd. Singapore, an indirect subsidiary of Asian Paints.

Asian Paints said the acquisition was made with the objective of enhancing the group’s presence in Sri Lanka, where Asian Paints already has operations.

It said Causeway is a key player in the Sri Lanka coatings market, operating for over two decades, and supplies mainly decorative paints (including wood finishes) and automotive paints. It was incorporated in May 1994.

The transaction was completed last week while the deal was first announced in February this year.