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City-based Esdee Paints Limited has acquired 50 per cent equity shares in Ethiopia-based Jelaram Pvt Ltd, to form a joint venture to set up a manufacturing unit at Ethiopia.
Esdee informed that it will jointly set up a manufacturing unit along with Ethiopian player, which is the sixth largest manufacturer of decorative paints in the country. The company did not share the financial details of the deal.
Mahavir Dawra, MD of Esdee said, "The Company had invested in the acquisition of stake in the unit, which shall be utilized for setting up manufacturing activities in the Ethiopian unit."
The joint venture will manufacture predominant automotive paints and also PU based domestic paints at the Ethiopian unit. The joint venture will also enhance the production capacity and shall cover domestic market in Ethiopia as well as the export markets in the neighbouring countries of Africa.
Esdee is one of the leading manufacturers of paints in India with its products ranging from Automotive Refinish Coatings, Decorative Coatings, Wood Finishes, High Performance Coatings and other Industrial Coatings in India, Esdee Paints plans to expand its operations in the overseas market.
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