Companies

Pidilite Industries buy majority stake in Tenax India Stone Products for ₹80 crore

Our Bureau Mumbai | Updated on February 27, 2020 Published on February 27, 2020

Post acquisition, Tenax will become a subsidiary of Pidilite

Pidilite Industries has acquired a 70 per cent stake in Tenax India Stone Products Pvt Ltd in an all-cash deal for about ₹ 80 crore.

Pidilite has signed a definitive agreement with Tenax SPA (Tenax Italy) for acquiring the stake, the comany said in a statement.

Tenax India is a subsidiary of Tenax Italy, which makes adhesives, coating, surface treatment chemicals and abrasives for the marble, granite and stone industry.

Post acquisition, Tenax India will become a subsidiary of Pidilite, the company said. The acquisition by Pidilite will enable Tenax India to fully leverage the sales, distribution and marketing capability of Pidilite in India and the SAARC market, it added.

“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,” said Bharat Puri, Managing Director, Pidilite Industries.

Tenax Italy will continue to be a partner — holding the balance 30 per cent stake — in Tenax India and provide full support to Tenax India through its technical and market understanding of marble, granite and stones business in India and SAARC markets, it said.

Published on February 27, 2020
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