Asian Paints Ltd will acquire Ess Ess Bathroom Products Pvt Ltd's entire front-end sales business for an undisclosed sum.
"The company on May 14, 2014 has entered into a binding agreement with Ess Ess Bathroom Products Pvt. Ltd and its promoters to acquire its entire front-end sales business including brands, network and sales infrastructure," Asian Paints said in a filing to the BSE on Wednesday.
It said the acquisition is subject to satisfaction of certain conditions precedents and applicable statutory approvals.
Ess Ess is a prominent player in the bath and wash business segment in India and has high quality products in this segment, the company said.
Shares in Asian Paints, on Wednesday, ended at Rs 556.95 apiece on the BSE, up 3.3 per cent from the previous close.