JK Cement Rise on Arm Acquires 60% Stake in Acro Paints

JK Cement increased 1.19% to 2.90685 million after acquisition of 60% stake by Acro Paints (APL), a wholly owned subsidiary of JK Paints & Coatings (JKPCL), on the first tranche of 1,530 million.

APL was founded on May 18, 1989 and started producing paints and chemicals for the construction industry. financial turnover of Rs 720.5 million in 2021-2022.

JKPCL is a step-down subsidiary of the company and a subsidiary of APL. Within a year the transaction is expected to be completed.

The cement company will produce and market cement and cement-related products. Despite one 17.6% increase in net sales to 22279.5 million in the July-September quarter of FY23 compared to in the July-September quarter of FY22, net profit fell 25.7% to 1123.8 million consolidated basis.

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