Asahi India Glass Limited (BSE:515030) agreed to acquire additional 47.83% stake in AIS Adhesives Limited from Map Auto Ltd. for INR 260 million on January 25, 2024. The consideration consists of INR 256 million in cash. As part of the consideration, INR 256 million was paid towards common equity.

The turnover of AIS Adhesives Limited for FY23 stood at INR 344.9 million. The transaction has been approved by the Board of Asahi India Glass Limited. It is subject to applicable approval based on which the transaction will be completed within 6 months.

Nitin Mukhi of RBSA Valuation Advisors LLP provided acted as financial advisor to Asahi group.