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Acquires 51% stake in Harind Chemicals and Pharmaceuticals Private Limited.
October 26, 2022
By: DAVID SAVASTANO
Editor, Ink World Magazine
Asian Paints has entered into a definitive agreements to acquire a 51% stake in Harind Chemicals and Pharmaceuticals Private Limited from Aapex Power and Industries Private Limited, Dr. Swapan Ghosh & others, for a consideration of approximately Rs. 12.75 crores ($1.5 million), subject to completion of the conditions precedent set in the definitive documents. It is also agreed to acquire a further 39% stake in Harind from the existing shareholders, in a staggered manner, over the next five years, subject to fulfilment of certain conditions precedent and achievement of financial targets. Founded by Dr. Swapan Ghosh, Harind is a specialty chemicals company built with nanotechnology at its core, primarily in the area of surface coating and care. Harind has been a pioneer in the space of nanotechnology-based coatings in India. A PhD in polymer science, Dr. Swapan Ghosh is a polymer scientist and a veteran technocrat with more than 30 years of research experience in academia and Industrial R&D. He has introduced more than 100 innovative products during his tenure in Indian Industries and published more than 30 scientific papers in international peer- reviewed journals and has several product patents to his credit. “Being forerunners in world class coatings technology, this partnership with Harind leverages Asian Paints in the era of Next Gen Nanotechnology, to offer customers an exciting wave of innovations, in the coating space,” said Amit Syngle, managing director and CEO of Asian Paints Limited. “Our endeavour always has been to invest in pioneering technology which gives us a sustainable competitive advantage, helping us create breakthrough products in the market Dr. Ghosh would continue to lead Harind as the CEO. “At Harind, we have constantly endeavoured to develop cutting-edge nanotechnology-led coating solutions. This partnership with Asian Paints will enable a wider canvas to our research and has strong synergies for both partners that will unlock the potential of this exciting new field for the consumer,” Dr. Ghosh noted.
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