Mumbai: Asian Paints Ltd on Friday announced a strategic adjustment in its joint venture shareholding structure in Asian White Cement Holding Ltd (AWCHL), the company said in a regulatory filing. Asian Paints’ holding in the JV has been reduced to 60% from 70%, following the allotment of equity shares to RS Holdings Ltd on a non-cash, sweat equity basis.
AWCHL, which operates a white cement and clinker manufacturing facility in Fujairah, United Arab Emirates, began commercial production in October 2025, marking a key milestone in the company’s Middle East expansion strategy.
The dilution came through the issuance of 12,08,891 new equity shares — roughly 16.66% of the JV’s pre-issue paid-up capital — allotted primarily to RS Holdings as compensation for its contribution to the project, rather than through a cash infusion, the filing said.
Post-transaction, the JV’s shareholding now stands at:
Asian Paints: 60%
RS Holdings Ltd: 27.14%
Associated Soap Stone Distributing Co Pvt Ltd: 12.86%
The adjustment reflects the partners’ evolving contributions to the venture as the Fujairah plant transitions from construction to full-scale operations. While Asian Paints retains majority control, the equity issuance recognises RS Holdings’ operational role without immediate cash outlay by the JV, the company said.
InvestyWise