Asian Paints exits Indonesia, expects INR 90 crore loss

Asian Paints is exiting its Indonesian business by selling its entire stake in PT Asian Paints Indonesia and PT Asian Paints Color Indonesia to a Singapore-based subsidiary of Omega Property Investments for SGD 7.5 million (~₹48 crores). The company had established its Indonesian operations in 2016-17. The decision to divest comes after a strategic review revealed that the operations remained sub-scale and immaterial to Asian Paints' overall international business, despite efforts to expand its presence there. The divestment is expected to be completed by March 31, 2025, and will result in an approximate loss of ₹90 crores in the consolidated financials, subject to closing adjustments. Asian Paints stated that the divestment will enable the company to focus on priority markets in the Middle East and South Asia.