Pidilite Industries has received an approval for investment in equity shares of Nina Waterproofing Systems (Nina). The proposed shareholding of the company in Nina will be 70%, thereby making Nina a subsidiary of the company. The board of directors at their meeting held on March 30, 2015 has approved for the same.
The initial investment of the company in Nina will be about Rs 23.33 lakh. The board has also approved additional investment up to Rs 100 crore in Nina.
Nina was incorporated on November 11, 2014 and proposes to engage in the business of supply, installation and application of waterproofing systems.