The company has entered into a joint venture with Corporacion Empresarial Grupo Puma S.L., a leading technical mortars manufacturer based in Spain.
Shares of Pidilite Industries gained 1.5 percent intraday on August 13 after entering into a joint venture with two European countries. The scrip touched its 52-week high of Rs 1,371.35.
According to the company's exchange release, Pidilite entered into a joint venture with Corporacion Empresarial Grupo Puma SL, a leading Spanish-based technical mortars manufacturer, to establish a joint venture company 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.
Also, the company has entered into a joint venture with Litokol, a leading Tile Adhesives and epoxy grout manufacturer from Italy, to establish another joint venture company in India.
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 joint venture with Litokol will strengthen our product range, help upgrade the product offering and service the evolving needs of the market,” he added.At 1042 hrs, Pidilite Industries was quoting at Rs 1,366.75, up Rs 15.70, or 1.16 percent on the BSE.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.