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JK CEMENT: Acquired majority stake in ACRO PAINTS for Rs 153 cr..

• It's wholly -owned subsidiary JK paints and coating LTD has entered into a share purchase agreement with Acro paints LTD and it's shareholders to acquire a 60% controlling stake in the company.
• The remaining 40% shall be acquired over a period of 12 months as per the definitive agreement entered between the parties, a joint statements said.
• Acro paints is a manufacturer of architecture and high performance paints and coating...
• This acquisitions is a step towards fast tracking JK cements entry into the paints business, expanding its products offerings and potentially foray into new market it added....
• JK cement managing director Raghavpat singania said this acquisitions will create adjacencies that will act as a key driver for growth of the company..
• JK cement CEO Madhavkrishna singhania said , we have a focused launch plan to gradually deepen our presence in our strong markets over the next few years , and have identified specific geographic, products, and channel niches where we will dominate. We will leverage the strength of both our brands as we expand our presence in the paint industry. Aero s promoters charanjeet gaind and Ashok gaind would continue for the next an year, which will provide apportunity to gain from their experience, the statements said.
• JK cement has an installed grey cement capacity of 20 million tonnes per annum..
• Recently, several companies have forayed into the paints business, which is largely dominated by a few players. According to reports India is the world's third-largest consumer of paints by volume.
• ACRO paints is a leading manufacturer in northern India of architectural and high -performance paints and coating this acquisitions is a step -towords fast-tracking JK cement s entry into the paints business expanding its products offerings and potentially foraying into new markets , as per the press statements.