JK Cement Rise on Arm Acquires 60% Stake in Acro Paints

11 Jan 2023 CW Team

JK Cement increased 1.19% to 2.90685 million following the acquisition of a 60% stake by Acro Paints (APL), a wholly owned subsidiary of JK Paints & Coatings (JKPCL), at the first tranche of 1,530 million.

APL was formed on May 18, 1989, and began producing paints and chemicals for building, with a financial turnover of Rs 720.5 million in 2021–2022.

JKPCL is a step-down subsidiary of the corporation and an affiliate of APL. Within a year, the transaction is anticipated to be finished.

The cement company will produce and market cement and products linked to cement. Despite a 17.6% increase in net sales to 22279.5 million in the July–September quarter of FY23 compared to the July–September quarter of FY22, the net profit decreased by 25.7% to 1123.8 million on a consolidated basis.

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