Asian Paints has entered into definitive agreements to acquire 51% stake in Harind Chemicals and Pharmaceuticals from Aapex Power and Industries Private Limited, Dr. Swapan Ghosh & others for a consideration of approximately Rs. 12.75 crore, subject to completion of the conditions precedent set in the definitive documents.

The company has also agreed to acquire further 39% stake in Harind from the existing shareholders, in a staggered manner, over the next 5 years, subject to fulfilment of certain conditions precedent and achievement of financial targets.

Founded by Dr. Swapan Ghosh, Harind is a specialty chemicals company built with nanotechnology at its core, primarily in the area of surface coating and care.

Harind has been a pioneer in the space of nanotechnology-based coatings in India and has been at the forefront of research, development, and manufacturing of several nanotechnology-based products over the past few years finding applications across a wide array of industries.

A PhD in polymer science, Dr. Swapan Ghosh is a polymer scientist and a veteran technocrat with over 30 years of research experience in academia and Industrial R&D. He has introduced more than 100 innovative products during his tenure in Indian Industries and published more than 30 scientific papers in international peer- reviewed journals and has several product patents to his credit.

“Being forerunners in world class coatings technology, this partnership with Harind leverages Asian Paints in the era of next gen Nanotechnology, to offer customers an exciting wave of innovations in the coating space. Our endeavour always has been to invest in pioneering technology which gives us a sustainable competitive advantage, helping us create breakthrough products in the market,”commented Amit Syngle, MD & CEO, Asian Paints Limited.

Dr. Ghosh would continue to lead Harind as the Chief Executive Officer.

“At Harind, we have constantly endeavoured to develop cutting-edge nanotechnology-led coating solutions. This partnership with Asian Paints will enable a wider canvas to our research and has strong synergies for both partners that will unlock the potential of this exciting new field for the consumer,” commented Dr. Swapan Ghosh, promoter and CEO, Harind.