White Teak announces partnership with Asian Paints
White Teak is delighted to announce that it has entered into a definitive agreement with Asian Paints, wherein Asian Paint shall acquire 49% stake in White Teak, with balance 51% stake to be acquired in a phased manner.
White Teak has been at the forefront of providing to its customers with cutting edge designs and high product quality for decorative lighting and fans products.
Our tech-enabled web platform, www.whiteteak.com, is one the strongest platforms offering customers an extensive range of decorative lighting products and fans. Our strong online presence is supplemented by our excellent store network across many key urban cities in India.
The partnership with Asian Paints provides further momentum to our business. We believe, in partnership with Asian Paints, we will be able to serve our customers better with international designs and high-quality products. The partnership will also allow us to expand our store network and hence able to reach out and showcase our products to more and more customers.
Both promoters of White Teak would continue to lead the business. Mr. Pawan Mehta would continue to be the Chief Executive Officer of White Teak and Mr. Gagan Mehta would be the Chief Operating Officer of White Teak.
HDFC Bank (Investment Banking) served as the M&A advisors to the shareholders of White Teak on the transaction.