The Board of Directors of Asian Paints today at their meeting considered and approved in principle an arrangement with the promoters of the Sleek Group for acquiring a 51% stake in the Sleek Group, subject to due diligence, necessary approvals and documentation.
â€œSleek is well poised to be a meaningful and enriching partner for Asian Paintsâ€™ foray into modern kitchens. This acquisition will offer significant opportunities and synergy for the Company.â€ said K.B.S. Anand, Managing Director & CEO, Asian Paints Limited
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.
This acquisition of the Sleek Group has a strategic fit and is a step in the Companyâ€™s foray into Home Improvement. Asian Paints has chosen to enter the modern kitchen â€œspaceâ€, as the Company believes that the modern kitchen space is currently undergoing an inflection, has very few organised pan India players and is growing rapidly.