Kansai Nerolac To Acquire Construction Chemical Company Perma Construction
Kansai Nerolac Paints Limited has informed the stock exchange that it has entered into a Share Purchase Agreement (SPA) to acquire 100% equity stake in Perma Construction Aids Private Limited for a total consideration of Rs. 29.10 Crores. This is subject to adjustments for borrowings, working capital and fixed assets as at the Closing Date.
Perma Construction Aids Private Limited, incorporated in the year 1997, is engaged in construction chemical business with product range encompassing water-proofing, adhesives, epoxy and admixtures.
Commenting on the acquisition, Mr H.M. Bharuka, Vice Chairman and Managing Director, Kansai Nerolac Paints Limited said that, "Kansai Nerolac is expanding its range so as to provide a complete solution to our customers. Construction chemical is complementary to paints and has synergies with paints distribution networks. The company will be strengthening its existing product portfolio with this acquisition."