The board has also approved the acquisition of 51% stake in Saboo Hesse Wood Coatings Pvt. Ltd. for a sum of Rs 1.5 Cr. Saboo Coatings Pvt. Ltd. is a manufacturer of speciality liquid industrial coatings in the segments of agriculture and construction equipment (ACE), automotive, fans, electronics and elevators.
The two companies can support each other in various areas such as manufacturing, selling, distribution, procurement., technology etc.