Asian Paints has sold its 89.6% share in Asian Paints (Mauritius) Limited (APML). Ashwin Dani, vice chairman and managing director, Asian Paints (India) Limited, said the market there had not been growing for the past five years and the subsidiary had posted losses for several years.
The company also said it will build a dedicated plant to manufacture liquid industrial coatings at Taoja, Maharashtra. The first phase of the project, involving capacity of 8,000 KL, will require capital expenditure of approximately $3.3 million.
ASIAN PAINTS SELLS STAKE in MAURITIUS UNIT, To BUILD NEW INDUSTRIAL FACILITY in INDIA
Published August 11, 2005
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