Paint manufacturer Berger Paints India is acquiring Kolkata-based STP Ltd
(STPL), makers of construction and related materials for an enterprise value of Rs 167.5
In a filing with the stock exchanges, the company said it is buying 95.53% stake of STPL.
Balance 4.47% stake will remain with STPL’s existing shareholders.
Berger Paints said the acquisition will supplement its businesses relating to
manufacturing, selling, and product distribution and procurement. It expects the deal to be
completed by the end of November.
An unlisted company, STPL makes and supplies a wide range of construction chemicals,
concrete admixtures, waterproofing chemicals, flooring compounds, bitumen, coal tarbased products, sealants and adhesives, protective and anti-corrosive coatings, etc. The
company has six factories, four regional offices and a pan-India network of dealers. It
clocked a revenue of Rs 174.02 crore for the year ended March 31, 2019.
Kolkata-based Berger Paints makes industrial paints and consumer products like metal
and wood paints, interior wall coatings, exterior wall coatings and clear coats for wood,
according to its website. In June 2017, it acquired specialty coatings maker Saboo
Coatings Pvt. Ltd for Rs 81.77 crore to boost its industrial coatings business. In May 2017,
the board of Berger Paints had also approved the acquisition of a 51% stake in Saboo-Hesse Wood Coatings Pvt. Ltd, which sells acrylic wooden coating.