Asian Paints on Thursday said it had invested Rs.99.78 crore in kitchen solutions provider Sleek International Pvt. Ltd. (SIPL) for a 51 per cent stake by subscribing to equity shares of the company.

It will further infuse Rs.19.69 crore on August 10, as the second tranche of this transaction by further subscribing to equity shares of SIPL with a corresponding proportionate infusion by the existing promoters of SIPL.

The Ahuja family, promoters of Sleek International, holds the balance 49 per cent stake, according to a BSE filing.

“The engagement with the Sleek management over the last few months has reaffirmed our faith in the business and the opportunity of growth and synergy that it offers us. This is also the first step in our strategic foray in the Home Improvement space,” Asian Paints Managing Director & CEO K.B.S. Anand said.

It will nominate 2 non executive directors on Sleek’s board.

In March, Asian Paints had announced that it would acquire SIPL and the deal would be funded through internal accruals by the company.

Asian Paints with a consolidated turnover of Rs 10,970 crore is ranked among the top ten decorative coatings companies in the world and have operations in 17 countries.

It has 25 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints — Egypt, Asian Paints, Apco Coatings and Taubmans.

More In: Industry | Business