The acquisition is expected to be completed in the first quarter of 2019-20 and will further strengthen the company's position in the European market.
"This strategic business deal marks the first European acquisition by Greenlam and will allow Greenlam to serve the European market with greater business efficiency," Greenlam Industries MD and CEO Saurabh Mittal said in a statement.
While the acquisition will amplify the company's presence in Central Europe, the deal also marks the beginning of Greenlam's next phase of growth and expansion in other European markets, he added.
"With this acquisition, we expect our on-ground product inventories to increase by three times which will help in increasing our revenues to 10 million euros in this region in the next three years," Mittal said.
Greenlam is a leading surfacing solutions brand globally and has presence in over 100 countries. It offers end-to-end surfacing solutions spread across laminates, compacts, veneers and engineered wooden floors/doors.
Decolan is a Europe-based distribution company which has been the leading supplier of imported HPL and other decorative surfaces for over 20 years.
Shares of Greenlam Industries Wednesday ended 1.65 per cent down at Rs 800 apiece on BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)