Pidilite Industries Limited, an Indian-based adhesives manufacturing company said that it will acquire a majority stake in Cipy Polyurethanes Pvt Ltd, for Rs 96.4 crore. This will enable the company to participate in the growth of the resin flooring and floor coatings market.
With a corporate office in Pune, Cipy is engaged in the business of manufacture and sale of floor coatings using polyurethanes, epoxies, polyurea and polyaspartic polymers.
Pidilite said in a statement that its board has approved the acquisition of 70 percent stake in equity shares of Cipy Polyurethanes.
"The consideration will be in cash being an amount of Rs 96.40 crore in aggregate payable to the existing shareholders of CIPY for the purchase of the portion of shares held by them in CIPY," the statement said.
Pidilite Industries is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-it-yourself) products and polymer emulsions in India.
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