Indigo Paints will acquire a 51 percent stake in Apple Chemie India Private Ltd (ACIPL). Indigo Paints bought 44,924 shares for Rs 6,529 per share and the company has the option to acquire an additional stake in Apple Chemie at the end of three years.
With the acquisition of a 51 percent equity share, ACIPL will become a subsidiary of the company, enabling Indigo Paints to expand its product portfolio in the space of construction and waterproofing products, it said.
Incorporated on June 10, 1992, and having its registered office in Nagpur, Maharashtra, ACIPL is engaged in the manufacture and sale of construction chemicals and waterproofing products having a presence in India and other countries, the company said. In FY22, ACIPL recorded sales of Rs 32 crore and is expected to clock over Rs 41 crore in FY23.
With this partnership, Indigo Paints will be entering into the adjacent areas of construction chemicals and waterproofing space. The size of the target market is estimated to be greater than Rs 15,000 crore and is expected to grow in double digits.
