Astral acquires 51% controlling stake of Gem Paints for Rs. 194 Crore under a definitive agreement
Mumbai/Ahmedabad, May 2022: Astral Limited is pleased to inform that as part of Company’s strategy to expand its product portfolio under building material segment and strengthen the brand Astral and its Dealer’s & Distributors Network, the Board of Directors of ASTRAL has entered into definitive agreements for acquiring controlling 51% equity stake in operating business of Gem Paints Pvt. Limited.
On this acquisition Mr. Sandeep Engineer – MD of ASTRAL LTD, quoted that “The acquisition of GEM PAINTS will be a good addition of product portfolio in Astral Product Basket and I am confident that this will take Astral’s Brand value to new heights and build more confidence among Builders, Architects, Consultants, Dealers and Distributors of the company due to product synergy within the network.”
On this acquisition Mr. Anand Gandotra – Founder & MD of GEM PAINTS quoted that “Joining hands with the brand ASTRAL is a new chapter & a step in the right direction for the growth of GEM PAINTS in all aspects. I have complete faith that this association will take the future of GEM PAINTS to be a PAN INDIA brand and envisage a multifold growth.”
FINANCIAL HIGHLIGHTS:
(Rs. In Millions)
Particulars 2019-20 2020-21 2021-22 (Provisional)
SALES 1829 2010 2146 Adj.EBIDTA 287 362 320
