Asian Paints Ltd on Friday, June 23, said the company has acquired an additional 11 percent stake in Obgenix Software Private Ltd, popularly known by the brandname of White Teak, for Rs 54 crore from the promoters.

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The company now holds a 60 percent stake in White Teak, by virtue of which the brand has become a subsidiary of the company, it said in an exchange filing.

Also, an earn-out amount of Rs 59.5 crore based on achievement of mutually agreed financial milestones, has also been paid to the promoters of White Teak, Asian Paints said.

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Back in April 2022, Asian Paints acquired a 49 percent stake in White Teak for Rs 180 crore. The remaining 40 percent of the stake will be acquired during the financial year 2025–2026, for a maximum consideration of Rs 360 crore, it said.

Set up in 2016 by Silicon Valley tech entrepreneurs Pawan Mehta and Gagan Mehta, White Teak is engaged in the business of decorative lighting products and fans. In FY2022-23, White Teak's turnover was at Rs 1,08.51 crore.

Asian Paints is a leading domestic paint company and is ranked among the top 10 decorative coatings companies in the world. The Mumbai-based company has operations in 15 countries across the world through its subsidiaries. It has 26 paint manufacturing facilities, servicing consumers in over 60 countries.

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(Edited by : Shoma Bhattacharjee)