Pidilite Industries to foray into tile and flooring products
Leading adhesive manufacturer Pidilite Industries entered joint ventures with Spanish and Italian firms for a range of products and utilities.
The company has entered into a joint venture with Corporacion Empresarial Grupo Puma S.L. (Grupo Puma), said a company’s filing to the bourses on Tuesday. Grupo Puma is a leading technical mortars manufacturer based in Spain to be established in India as ‘joint venture company’ JVC. This JV is aimed to provide a wide array of technical mortars for wide applications ranging from flooring, wall plasters, textured wall plasters, decorative plasters and insulation. The Spanish entity will license the technology to the JVC and invest in a modern manufacturing facility in India. The JVC will service the key markets of SAARC (excluding Pakistan) and Myanmar.
In another JVC, the company will enter a joint venture with Litokol which is a leading ‘Tile Adhesives and epoxy grout’ manufacturer from Italy. The Litokol JVC will invest in a new manufacturing facility in India. It will also transfer the technology to the JVC, while Pidilite will have exclusive distribution of products manufactured under the joint venture. It will provide products ranging from epoxy, urethane grout and certain epoxy adhesives for tile application.
At 14:35 hours, the stock traded with gains of nearly 0.15 per cent at Rs. 1,353.05 on BSE.