This acquisition would give commercial presence of the company in the paint business segment.

Post acquisition, APL will become subsidiary of JKPCL and a step down subsidiary of the company. The transaction is expected to be completed within 1 year.

JK Cements is engaged in the manufacturing and selling of cement and cement related products. The company's consolidated net profit declined 25.7% to Rs 112.38 crore despite of 17.6% jump in net sales to Rs 2,227.95 crore in Q2 FY23 over Q2 FY22.