"In Russia, we will be looking more for industrial paints market, although the domestic paints sector will not be ignored," he said.

Both Russia and Sri Lanka offer good market for paints. Russia has a huge market for both industrial and domestic paints each of which has an equal share (50 per cent) compared with 75 and 25 per cent respectively in India.

In industrially developed countries, the figures are 60 and 40 per cent respectively.

Sri Lanka, although a tiny country, has higher per capita consumption of domestic paints than India.

Berger Paints is already in talks with the Russia to take over one of the Government-owned paints manufacturing companies. "The Russian Government wants to offer us a maximum of 51 per cent stake. But we are not going to take over a company if we are not offered at least 74 per cent stake," Dhingra later told The Financial Express.

Berger lost a good market in the erstwhile Soviet Union following the breaking up of the country and subsequent instability. However, it maintained a low key presence in Russia.

Dhingra believes that the Russian economy is looking up and gradually stabilising, particularly after Vladimir Putin took over as President. Hence the company wants to snatch the opportunity.

As for Sri Lanka, Berger is looking to acquire a private sector company or form a joint venture. A merchant banker has been appointed to find out a prospective company which could be taken over.

Berger is trying to have a strong foothold in the neighbouring countries of Bangladesh and Nepal. It operates in Bangladesh through Berger Bangladesh, while it took over the Jenson & Nicholson (J&N) unit in Nepal last May. The company is marketing the J&N brands which have been very popular in Nepal for the last 16 years.

"Brand building is a difficult and time consuming exercise and when we have already acquired a brand, there is no need to change it," managing director Subir Bose said.

Earlier, speaking at the annual general meeting, Dhingra pointed out the trends towards lowering of economic boundaries and increase in free trade.

"In this scenario, the long-term survivor will be that company which is not only competitive in its own country but in the whole world," he said. Hence, the company is trying to acquire the best global technology.

To attain the goal, the company is specially focusing on improving the information technology backbone of the country. All units have been linked with the head office in Calcutta and all 600 outlets would be linked in due course.