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Pidilite acquires majority stake in Tenax India Stone Products

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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 and abrasives for the marble, granite and stone industry in India through its subsidiary Tenax India, which was incorporated in 2005. “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 Ltd. Tenax India will be positioned as a subsidiary of Pidilite Industries post the acquisition.

Tenax Italy will continue to be a partner through its 30% stake in the India unit and provide technical support, a statement read. “We are 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.




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