Asian Paints completes divestment of Indonesia operations, sells entire stake for ₹44 crore

Paint and décor company Asian Paints on Thursday, March 20, said its Singapore arm has completed divestment of Indonesia operations by selling the entire stake held by PT Asian Paints Indonesia and PT Asian Paints Color Indonesia for ₹44 crore.

The company informed us on February 14, 20205, that “Asian Paints International Private Limited, Singapore, a wholly owned subsidiary of the company, had entered into a Share Purchase Agreement with Berger Paints Singapore Pte Limited, Singapore, a subsidiary of Omega Property Investments Pty Ltd, Australia, for the sale of a 100% stake held in PT Asian Paints Indonesia (‘PTAPI’) and PT Asian Paints Color Indonesia (‘PTAPCI’), wholly owned subsidiaries of APIPL.”

Both PT Asian Paints Indonesia and PT Asian Paints Color Indonesia have ceased to be subsidiaries of APIPL with effect from March 20, 2025, the company further said in a statement to the stock exchanges.

The development came after the market hours. Shares of Asian Paints on Thursday closed at ₹2,282.80 apiece, inching marginally higher by 0.09%.

Meanwhile, the paint maker on Thursday also informed the stock exchanges that Satyen A. Gandhi, a member of the promoter group, has created an encumbrance on 37,25,954 equity shares of the company, representing 0.39% of the total share capital. The shares were pledged on March 13, 2025, as collateral for a business loan.

Asian Paints had reported a 23.5% decline in its consolidated post-tax profit to ₹1,128.43 crore in the third quarter of the current fiscal year, compared to ₹1,475.16 crore in the year-ago period.

The company's revenue from operations was at ₹8,549.44 crore, reflecting a decline of 6% as compared to ₹9,103.09 crore in the year-ago period.

Total expenses were down 1.33% year-on-year (YoY) to ₹7,224.10 crore in the December quarter, while total income slumped 5.9% YoY to ₹8,692.44 crore.

The domestic decorative business presented a 1.6% volume growth, while standalone revenues decreased 7.5% YoY, impacted by weak festive season demand.