Pidilite Industries Ltd, a leading manufacturer of adhesives, sealants and construction chemicals in India, has entered into a joint venture with Corporacion Empresarial Grupo Puma S.L. (Grupo Puma) a leading technical mortars manufacturer based in Spain to establish a Joint Venture Company (JVC) in India.
This joint venture will provide a comprehensive array of technical mortars for wide applications ranging from flooring, wall plasters, textured wall plasters, decorative plasters and insulation. Grupo Puma will license the technology to the JVC which will invest in a modern manufacturing facility in India. The entity will service the key markets of SAARC (excluding Pakistan) and Myanmaar.
Mr. Bharat Puri, Managing Director, Pidilite Industries Limited, said "The joint venture is in line with Pidilite's strategy of building its market position in pioneering categories. There is an excellent value match between Pidilite and Grupo Puma to meet the future needs of customers for quality products. The Grupo Puma core competence lies in innovation in both technology and R&D, and in delivering outstanding technical service to customers."
Mr. Francisco Jiménez, CEO of Grupo Puma, said "This joint venture reinforces the commitment towards the internationalization of Grupo Puma by presence in a country with enormous growth potential, along with Pidilite a recognized leader in its category. The combination of both companies sets up a winning partnership based on market knowledge, continuous investment in R&D as well as excellent technical service that allows us to be close to our customers."
Shares of PIDILITE INDUSTRIES LTD. was last trading in BSE at Rs.1351.05 as compared to the previous close of Rs. 1328.85. The total number of shares traded during the day was 48907 in over 2445 trades.
The stock hit an intraday high of Rs. 1358 and intraday low of 1335. The net turnover during the day was Rs. 65933048.