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Pidilite Industries announces acquisition of majority stake in CIPY Polyurethanes

By Nabamita Chatterjee | January 06, 2018

This acquisition will help the company to participate in the growth of the resin flooring and floor coatings market.

Pidilite recently announced that the board of directors approved the acquisition of 70% stake in equity shares of CIPY Polyurethanes Pvt. Ltd. (“CIPY”) subject to completion of certain conditions precedent. 

Bharat Puri, Managing Director Pidilite Industries said, “We are excited to partner with CIPY. The acquisition of majority stake in CIPY will enable Pidilite to expand its presence in the fast growing resin flooring and floor coating category”.

CIPY was incorporated on 29th November, 1994 and it is engaged in the business of manufacture and sale of floor coatings using polyurethanes, epoxies, polyurea and polyaspartic polymers. The consideration will be in cash being an amount of Rs. 96.40 crores in aggregate payable to the existing shareholders of CIPY for the purchase of the portion of shares held by them in CIPY. The turnover of CIPY was   Rs. 110.40 crores for the year 2016-17.

Dr Cipy, Managing Director of CIPY Polyurethanes Pvt. Ltd said, “This partnership with Pidilite will make us stronger and accelerate growth in the floor coating category”.  

 

 

 

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