Pidilite to acquire majority stake in Tenax India Stone for Rs 80 cr
It has entered into a definitive agreement with Tenax SPA for acquiring 70 per cent of the share capital of Tenax India Stone Products for cash consideration of Rs 80 crore, said a statement.
Incorporated in 2005, Tenax India is a subsidiary of Tenax Italy and is engaged in sales and distribution of Tenax Italy products in India.
Tenax Italy is a leading manufacturer of adhesives, coating, surface treatment chemicals and abrasives for the marble, granite and stone Industry.
"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," Pidilite Industries Managing Director Bharat Puri said.
Tenax Italy will continue to be a partner having 30 per cent stake in Tenax India and provide technical support and market understanding of marble, granite and stones business in India and SAARC markets.
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