Sirca Paints India Limited (SPIL) has acquired the business undertaking of Wembley Group i.e. Wembley Paints and Chemicals, Indo Wembley Paints and Wembley Sales Corporation by entering into a Business transfer agreement with the Group.

For acquiring the business undertaking of Wembley Group, pertaining to sale and distribution of products including technical know-how, formulations of products all intellectual property rights (including brand name, trade mark, designs and any other intellectual property belonging to Wembley Paints and Chemicals, Indo Wembley Paints Private Limited, Wembley Sales Corporation, S. Harkanwarpal Singh Lamba and Mandeep Singh Lamba in connection with the Products and/or the business of Wembley Group (irrespective of whether the intellectual property is registered or unregistered under Applicable Laws and goodwill thereof), customer and vendor relationships, digital assets and identified employees of the Wembley Group, subject to the terms and conditions as specified in the Business Transfer Agreement.

The said transactions shall not include the manufacturing facilities of the Wembley Group. However, the said transaction shall include the exclusive right of the SPIL to use intellectual property belonging to Wembley Paints and Chemicals, Indo Wembley Paints Private Limited, Wembley Sales Corporation, S. Harkanwarpal Singh Lamba and Mandeep Singh Lamba in connection with the sale of products of Wembley Group.

Further, the aforesaid transaction has been executed on an itemised assets basis for an aggregate purchase consideration of Rs. 81.5 crores.