INSUBCONTINENT EXCLUSIVE:
MUMBAI: Pidilite Industries, the maker of Fevicol, entered into an agreement with Italy's Tenax SPA for acquiring a 70% stake in Tenax
India Stone Products for cash consideration of about Rs 80 crore.
The Italian company sells adhesives, coatings, surface treatment chemicals
marble and stone Industry and bring world class technology to India by investing in a manufacturing plant," said Bharat Puri, managing
director, Pidilite Industries Ltd.
Tenax India will be positioned as a subsidiary of Pidilite Industries post the acquisition
excited about the partnership between Pidilite and Tenax spa to consolidate our presence in the fast-growing retail market in India and
adjacent SAARC markets," said Igino Bombana, Group President, Tenax SPA.
The stock of Pidilite Industries dipped by 2.6% to close at Rs
1,515.05 per share on the BSE on Friday.