Asian Paints to buy 51% stake in Ethiopia's Kadisco Chemical

India’s leading paint manufacturer, Asian Paints Ltd, has acquired 51% stake in Kadisco Chemical Industry PLC, the Ethiopia-based manufacturer of paints, other coatings and adhesives. Asian Paints has informed BSE that Asian Paints (International) Limited, Mauritius, its wholly-owned subsidiary, on April 14, 2014 has signed an agreement with the shareholders of Kadisco Chemical Industry PLC, Ethiopia, to acquire either directly or through its subsidiaries, 51% of the equity share capital of Kadisco. This acquisition is subject to applicable regulatory and other approvals.