Berger Paints India has received an approval for entering into the Share Purchase Agreement (SPA) with the existing shareholders of Saboo Coatings (SCPL) for acquisition of 100% stake in SCPL. The total consideration is Rs 81.77 crore, subject to closing adjustments for variations in net debt and net working capital. The board of directors at their meeting held on May 30, 2017, has approved for the same.
Berger Paints India is the second largest paint company in India with a gross turnover of more that Rs 5,000 crore. It is present in all segments of paint including decorative, automotive, industrial, protective and powder coatings.