Infra.Market proposes to invest Rs 270cr in Shalimar Paints
Hella Infra Market Private Limited, the parent company of Infra.Market, an Indian construction solutions provider, has announced a proposal to invest INR 270 crores in Shalimar Paints Limited (SPL).
The stake acquired in Shalimar Paints through the investment will mark the foray of Infra.Market into the paints category. The investment in the Indian paints manufacturing company is subject to shareholders’ and the required regulatory approvals.
Aaditya Sharda — Co-Founder of Infra.Market said: “When we embarked on a journey to build Infra.Market, the vision was to create a horizontal construction material managed marketplace. The association with Shalimar is an important step as paints is an exciting category and Shalimar presents a unique opportunity for us to partner with an established vintage brand in this much coveted category.
“We believe that with our technology-based supply chain solutions, we will substantially add value to the robust ecosystem that Shalimar has already built, and together we will be instrumental in enhancing Infra.Market’s position as a category leader in the building material industry.”
Shalimar Paints has been engaged in the manufacturing and marketing of decorative paints, industrial coatings, and allied product categories. It has a pan-India footprint via its strategically situated manufacturing facilities and distribution network.
The company’s largest promoter is the O. P. Jindal group.
Dr. Rajeev Uberoi — Chairman of Shalimar Paints said: “Shalimar Paints was recognized as one of the top brands in the paint industry in its formative years. We are at the inflection point of exponential growth at Shalimar and partnering with Infra.Market will enable us to pursue both organic and inorganic growth opportunities within our existing and even newer product categories.
“We are happy to partner with Infra.Market to fuel our next phase of growth.”