Asian Paints has acquired a 51 percent stake in Sleek Group, a kitchen solutions provider. Asian Paints believes the acquisition has a strategic fit both with current business as well as other lines of home improvement businesses that may bet added in the future. It said that the modern kitchen space, which is currently undergoing growth, has very few organized pan India players and is growing rapidly.
"The engagement with the Sleek management over the last few months has reaffirmed our faith in the business and the opportunity of growth and synergy that it offers us," said K.B.S. Anand, managing director and CEO, Asian Paints Ltd.