Indigo Paints on Monday acquired 51 per cent equity share in Apple Chemie India Private Limited (ACIPL), a Nagpur-based company, by a combination of primary capital infusion into ACIPL and secondary share purchase transaction, the company announced through an exchange filing. The company bought 44,924 shares for Rs 6,529 per share. Hemant Jalan, CMD of Indigo Paints Ltd and Vivek Naik, Managing Director of ACIPL, signed the deal in Pune. Indigo Paints also has an option to acquire additional stake in Apple Chemie at the end of three years.

After the purchase of shares ACIPL has become a subsidiary of the company. Indigo acquired ACIPL in order to expand its product portfolio in the space of construction and waterproofing products. The transaction was advised by city-based investment banker Kreo Capital. ACIPL is engaged in the manufacture and sale of construction chemicals and waterproofing products. The authorised capital of the company is at Rs 1,00,00,000 with the paid up capital at Rs 76,58,100. Its sales in FY22 was Rs 32 crores, and is expected to clock over Rs 41 crores in FY 23. The company was incorporated on June 10, 1992 and today has presence all over India and other countries.

“Apple Chemie has a wide range of products which are complementary to Indigo Paints. They also have a marquee clientele which includes all major engineering and construction conglomerates in the country. With the Government’s massive infrastructure spending plan and the established client base, Apple Chemie is primed to become a Pan-India player. This partnership will enable Indigo Paints to widen its product offerings,” said Hemant Jalan, CMD of Indigo Paints Ltd. “Apple Chemie is an R&D driven organisation with a strong track record of developing innovative products targeting the construction chemicals and waterproofing sector for infrastructure projects in India. We are delighted to embark on this journey and be a part of the Indigo Paints team”, said Vivek Naik, MD of Apple Chemie India Pvt Ltd.