Asian Paints Updates on acquisition

With reference to the earlier announcement dated February 20, 2007, Asian Paints Ltd has announced that the consideration of Rs 45 crores for acquiring a portion of ICI India's auto refinish business comprising of its advanced refinish range (2K) has been paid by Asian PPG Industries Ltd and the balance consideration of Rs 7 crores would be paid in the next quarter, subject to certain agreed adjustments.

Asian PPG Industries Ltd is a 50:50 joint venture between the Company and PPG Industries Securities Inc, a wholly owned subsidiary of PPG Industries Inc., USA.

Source : Equity Bulls

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