In an exchange filing, the company said, “JK Maxx Paints, wholly owned subsidiary of the company, has at second tranche invested an amount of Rs 60.24 crore towards the acquisition of 20% equity shares of Acro Paints.”

Consequent upon the present acquisition, JKMPL has acquired total 80% equity share capital of APL with immediate effect, it added.

APL is currently engaged in the business of Paints manufacturing. It recorded net revenue of Rs 79.55 crore for the financial year ended 31 March 2023.

JK Cement stated that the acquisition facilitated commercial presence of the company in the paint & construction chemicals business segment.

The indicative time period for completion of the acquisition is 1 year effective from 6 January 2023.

JK Cement is engaged in the manufacturing and selling of Cement and Cement related products.

The cement maker's consolidated net profit tumbled 44.2% to Rs 112.27 crore in Q4 FY23 as compared to Rs 201.13 crore recorded in Q4 FY22. Revenue from operations grew by 18.1% year on year to Rs 2,777.88 crore in the quarter ended 31 March 2023.

Shares of JK Cement rose 0.36% to Rs 3,303.75 on the BSE.