Indigo Paints to acquire 51% stake in construction chemical firm Apple Chemie

With the acquisition of a 51 percent equity share, ACIPL will become a subsidiary of the company, enabling Indigo Paints to expand its product portfolio in the space of construction and waterproofing products, it said.

Incorporated on June 10, 1992, and having its registered office in Nagpur, Maharashtra, ACIPL is engaged in the manufacture and sale of construction chemicals and waterproofing products having a presence in India and other countries, the company said. In FY22, ACIPL recorded sales of Rs 32 crore and is expected to clock over Rs 41 crore in FY23.

Vivek Naik, the main promoter of ACIPL, is a former national president of the Indian Concrete Institute and has vast experience of over 30 years in the construction chemicals and waterproofing industry. Naik, along with his son, Rohit Naik has built Apple Chemie into a formidable company with a strong track record of growth and profitability and established a marquee client base.

With this partnership, Indigo Paints will be entering into the adjacent areas of construction chemicals and waterproofing space. The size of the target market is estimated to be greater than Rs 15,000 crore and is expected to grow in double digits.

Hemant Jalan, CMD of Indigo Paints Ltd, said this partnership will enable Indigo Paints to widen its product offerings. Indigo Paints will soon be launching a full range of waterproofing and construction chemicals targeting retail consumers.