Asian Paints Exits Indonesian Market with $6.8 Million Deal

Asian Paints Ltd has sold its Indonesian operations to a subsidiary of Omega Property Investments for SGD 6.8 million. The decision followed unsuccessful efforts to expand its market in Indonesia over the past nine years. The divestment will result in a financial loss of approximately Rs 90 crore.

Asian Paints Ltd has officially exited the Indonesian market, finalizing the sale of its local operations to a subsidiary of Omega Property Investments Pty Ltd, Australia, for SGD 6.8 million (approximately Rs 44 crore).

The move comes after a strategic review of the business, during which it was determined that efforts to establish a significant presence in Indonesia had been unsuccessful, despite various strategies implemented over the past nine years.

The divestment, completed by Asian Paints International Pvt Ltd, Singapore (APIPL), will lead to a financial recognition of a Rs 90 crore loss in the company's financial results, highlighting the challenges faced in the Indonesian market.

(With inputs from agencies.)