Manufacturer of adhesives, construction chemicals and specialty chemicals Pidilite Industries on Thursday announced acquiring 70 per cent stake in the Indian subsidiary of Italian firm Tenax SPA for around Rs 80 crore.
It has entered into a definitive agreement with Tenax SPA for acquiring 70 per cent of the share capital of Tenax India Stone Products for cash consideration of Rs 80 crore, said a statement.
Incorporated in 2005, Tenax India is a subsidiary of Tenax Italy and is engaged in sales and distribution of Tenax Italy products in India.
Tenax Italy is a leading manufacturer of adhesives, coating, surface treatment chemicals and abrasives for the marble, granite and stone Industry.
"This acquisition will help expand Pidilite's presence in the fast-growing adhesives, coatings and surface treatment chemicals market for the marble and stone industry and bring world class technology to India by investing in a manufacturing plant," Pidilite Industries Managing Director Bharat Puri said.
Tenax Italy will continue to be a partner having 30 per cent stake in Tenax India and provide technical support and market understanding of marble, granite and stones business in India and SAARC markets.
This acquisition by Pidilite will enable Tenax India to fully leverage the sales, distribution and marketing capability of Pidilite in India and SAARC markets.
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