Asian Paints announced on Friday that its wholly owned subsidiary, Asian Paints International Pvt Ltd, Singapore (APIPL), has signed a share purchase agreement to sell its entire stake in its Indonesian business to Berger Paints Singapore Pte Limited (BPSPL), a subsidiary of Omega Property Investments Pty Ltd, Australia.
According to a regulatory filing, the deal is valued at SGD 7.5 million (approximately ₹48 crore), subject to certain conditions and adjustments at closing. The transaction is expected to be completed by March 31, 2025.
APIPL had established two wholly owned subsidiaries, PT Asian Paints Indonesia and PT Asian Paints Color Indonesia, around nine years ago to expand in the architectural coatings segment in Indonesia. However, the company stated that despite various strategic efforts, the operations remained sub-scale and insignificant within its overall international business.
“As part of a strategic review of its global operations, APIPL has decided to exit the Indonesian market. The divestment is expected to result in a loss of approximately ₹90 crore in the company’s consolidated financials, subject to necessary adjustments at closing,” the company said in its filing.
Amit Syngle, Managing Director & CEO of the company, commented, “This divestment will allow us to concentrate on key markets in the Middle East and South Asia, strengthening our international portfolio.”
Earlier this month, the company reported a 23.5% year-on-year decline in net profit for the fiscal third quarter, standing at ₹1,128.43 crore. The company’s revenue from operations fell 6.1% to ₹8,521.51 crore, compared to ₹9,074.94 crore in the same quarter last year.
Asian Paints is India’s leading paint and décor company and ranks among the top eight coatings companies globally. With a consolidated turnover of ₹35,382 crores (₹354 billion) and a market capitalization of approximately ₹2,206.92 billion, the company has a strong presence in the industry.
The company, along with its subsidiaries, operates in 15 countries and runs 27 paint manufacturing facilities, serving consumers across 60+ countries through its brands—Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans, and Kadisco Asian Paints. Beyond paints, the companhy has expanded into the home décor and improvement segment, offering a diverse range of products and solidifying its position as a key player in the Indian home décor market.
