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the Board of Berger Paints has granted its approval for the acquisition of 51% stake in Saboo Hesse Wood Coatings.
"The acquisition is subject to limited due diligence and approval of the Reserve Bank of India, if required," the company said.
Meanwhile, the balance of 49% in Saboo Hesse Wood Coatings is held by Hesse Shares GmbH of Germany.
Berger Paints India Ltd’s share price is currently at Rs311.40, down Rs2.2, or 0.7%, from its previous close of Rs313.60 on the BSE.