Infra.Market parent proposes to invest Rs270cr in Shalimar Paints
India Infoline News Service |
19 Jan, 2022 |
Shalimar Paints announced that the parent company of Infra.Market, Hella Infra Market has proposed to invest an amount of Rs270cr through a combination of equity and debentures in Shalimar subject to shareholders' and necessary regulatory approvals.
Dr Rajeev Uberoi, Chairman of SPL said, â€œShalimar Paints was recognized as one of the top brands in the paint industry in its formative years. We are at the inflection point of exponential growth at Shalimar and partnering with Infra.Market will enable us to pursue both organic and inorganic growth opportunities within our existing and even newer product categories. We are happy to partner with Infra.Market to fuel our next phase of growth.â€
Aaditya Sharda, Co-Founder of Infra.Market said, "The association with Shalimar is an important step as paints is an exciting category and Shalimar presents a unique opportunity for us to partner with an established vintage brand in this much coveted category. We believe that with our technology-based supply chain solutions, we will substantially add value to the robust ecosystem that Shalimar has already built, and together we will be instrumental in enhancing Infra.Marketâ€™s position as a category leader in the building material industry.â€
EY (formerly Ernst & Young) acted as an exclusive financial advisor to Shalimar Paints.
Shalimar Paints is engaged in the manufacturing and marketing of decorative paints, industrial coatings, and allied product categories. SPL has a pan-national presence through its strategically located manufacturing facilities and distribution network. The largest promoter of SPL is the O. P. Jindal group.