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Astral Poly Technik, which produces CPVC (chlorinated polyvinyl chloride) pipes and fittings, has acquired 76 per cent stake in a chemical company Resinova Chemie for ₹213 crore. The transaction values Resinova at ₹289 crore.
Resinova manufactures and markets highly diversified range of epoxy adhesives. Its products have varied applications including automobile, construction, chemicals, engineering, industrial, furniture, sanitary and household sectors.
Resinova, which sells its products under 50 brands, registered revenue of ₹218 crore for the year ended September 2014
In August, Astral acquired 80 per cent stake in UK-based Seal It Services, which is engaged in manufacturing and selling a range of sealants, adhesives, water proofing, cleaning products, tape and paints used mainly in construction sector.
Sandeep Engineer, MD, Astral, said in a statement that the company sees the adhesives business as the logical step in building Astral franchise and acquisition of Resinova provides a strong platform in the highly competitive adhesive market.
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