Paint manufacturer Berger Paints India is acquiring Kolkata-based STP Ltd (STPL), makers of construction and related materials for an enterprise value of Rs 167.5 crore.
In a filing with the stock exchanges, the company said it is buying 95.53% stake of STPL. Balance 4.47% stake will remain with STPL’s existing shareholders.
Berger Paints said the acquisition will supplement its businesses relating to manufacturing, selling, and product distribution and procurement. It expects the deal to be completed by the end of November.
An unlisted company, STPL makes and supplies a wide range of construction chemicals, concrete admixtures, waterproofing chemicals, flooring compounds, bitumen, coal tar-based products, sealants and adhesives, protective and anti-corrosive coatings, etc. The company has six factories, four regional offices and a pan-India network of dealers. It clocked a revenue of Rs 174.02 crore for the year ended March 31, 2019.
