Asian Paints to acquire 51% stake in Sleek

Board approves the acquisition that allows Asian Paints' entry into kitchen space

Asian Paints' Board has approved the proposal to acquire a 51% in the Kitchen solutions provider company Sleek.

“Sleek is well poised to be a meaningful and enriching partner for Asian Paints’ foray into modern kitchens. This acquisition will offer significant opportunities and synergy for the Company.” said KBS Anand, Managing Director & CEO, Asian Paints Limited.

While the board has agreed in principle for an arrangement with the promoters of the Sleek Group, it is subject to due diligence, necessary approvals and documentation.

Mumbai-based Sleek Group is a major organised player in the modern kitchen space and is engaged in the business of manufacturing, selling and distributing kitchens, kitchen components including wire baskets, cabinets, appliances, accessories, etc, with pan India presence.

It has a retail network of more than 30 showrooms including shop-in-shops and a network of 250+ dealers.

The company believes that this acquisition has a strategic fit and is a step in foray into home improvement. It said that the modern kitchen space, which is currently undergoing an inflection, has very few organised pan India players and is growing rapidly.