Companies

Carborundum Universal to buy PLUSS Advanced for ₹115 crore

Our Bureau Chennai | Updated on August 26, 2021

Sridharan Rangarajan, Director – Finance and Strategy, CUMI   -  Bijoy Ghosh

PLUSS MD confident of accelerating its growth

Murugappa Group company Carborundum Universal Ltd (CUMI) will buy a controlling stake in PLUSS Advanced Technologies Pvt Ltd (PLUSS), a speciality materials research and manufacturing company, at an initial investment of ₹115 crore.

Gurugram-headquartered PLUSS is engaged in the fields of phase change materials (PCM) for thermal energy storage and speciality polymeric additives for polymer recycling and enhancing mechanical properties. PCMs are substances which absorb or release energy during phase transition, from solid to liquid and vice versa. PLUSS plays a key role in the cold chain logistics of Sputnik V Covid vaccines, according to a statement.

Material sciences

N Ananthaseshan, Managing Director, CUMI, said, “Acquisition of PLUSS fits in well with CUMI’s long term goal of pursuing opportunities that leverage material science sustainably. PCMs are thermal energy storage materials with versatile applications. CUMI has six decades of experience in processing varied materials, manufacturing and distribution across geographies. Leveraging these strengths, we plan to offer global customers a broad range of speciality PCM products and solutions.”

Also see: Murugappa Group plans ₹200-cr investments in Kerala

“PLUSS is a niche technology company with good growth prospects. Opportunities in pharma cold chain, refrigeration & food supply chain, medical devices, buildings and HVAC are emerging in India as well as globally. PLUSS with CUMI’s global footprint and investment support is well poised to address these opportunities,” said Sridharan Rangarajan, Director – Finance and Strategy, CUMI.

Commercialisation

PLUSS started as a bootstrapped business in 1994. Now, the company is entering phase 3 of its growth, where the focus is on quick introduction of commercialised products through infrastructure creation, continuous innovation, license technologies and strategic partnerships.

“With CUMI’s experience in material sciences, its global footprint, and its investment capabilities, we are confident of accelerating the progress of PLUSS,” Samit Jain, Managing Director, PLUSS, said.

With over 180 employees, PLUSS has a manufacturing footprint over three facilities situated in Bawal, Gurugram, with dedicated laboratories recognised by the Department of Scientific & Industrial Research.

Published on August 26, 2021

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