Pidilite Industries has received an approval for a restructuring proposal whereby the company shall, for operational convenience and synergies, acquire the business of wholly owned entity, Nitin Enterprise (a partnership firm having two partners which are wholly owned subsidiaries of the company) on a slump sale basis for a cash consideration of an amount not exceeding Rs 18.50 crore, subject to necessary approvals.
The Board of Directors at its meeting held on January 29, 2020, approved the same.
Pidilite Industries is a well-known name in the adhesives market. The company has diversified into various segments such as adhesives and sealants, construction and paint chemicals, automotive chemicals, art materials, industrial adhesives, industrial and textile resins and organic pigments and preparations.
