Asian Paints Limited has entered into Share Purchase Agreements (SPA)  for the acquisition of majority stake in Harind Chemicals and Pharmaceuticals Private Limited, in a staggered manner, over the next five years, subject to fulfilment of certain conditions precedent.

The company, upon fulfilment of the conditions precedent for acquisition of the first tranche, acquired 51% of the equity share capital of Harind from Aapex for a consideration of Rs. 14.28 crores (as against the earlier agreed consideration of Rs. 12.75 crores). The increase in the consideration paid is in accordance with the terms of the Share Purchase Agreements & other definitive documents entered into by the company with Aapex, the existing shareholders, and Harind.

Accordingly, Harind and Nova Surface-Care Centre Private Limited, a wholly owned subsidiary of Harind, have become subsidiary companies of the company. The second tranche of 19% and the third tranche of 20% would be acquired from the existing shareholders, in a staggered manner, on such consideration as agreed between the company and the existing shareholders, based on the achievement of certain financial targets and subject to the fulfilment of certain conditions precedent, as per the terms of the Share Purchase Agreements & other definitive documents.

Founded by Dr. Swapan Ghosh, Harind is a speciality chemicals company built with nanotechnology at its core, primarily in the area of surface coating and care. Harind is, inter alia, engaged in the business of nanotechnology-based research, manufacturing, and sale of a range of additives and specialised coatings.

Nanotechnology has the potential to be the next frontier in the world of coatings, and the company would be able to manufacture commercially viable high–performance coatings and additives with this technology.