New Delhi, Feb. 14 -- India's biggest paints manufacturer, Asian Paints, on Friday, February 14 informed exchanges about the divestment of operations in Indonesia, which would result in a loss of nearly Rs.90 crore in the consolidated financials of the company.

The blue-chip stock in an exchange filing today said that its wholly-owned subsidiary Asian Paints International Private Limited (APIPL) along with PT Asian Paints Indonesia (PTAPI) and PT Asian Paints Color Indonesia (PTAPCI) have signed an agreement to sell their entire 100% stake in PTAPI and PTAPCI to Berger Paints Singapore Pte Limited.

APIPL has been operating in Indonesia through its two subsidiaries, PT Asian Paints Indonesia and PT Asian Paints Color Indonesia, since FY ...