Pidilite Industries, a leading manufacturer of adhesives, sealants and construction chemicals in India, said on Tuesday it has entered into a joint venture with Corporacion Empresarial Grupo Puma SL (Grupo Puma), a leading technical mortars manufacturer based in Spain, to establish a joint venture company.
The 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 JV company which will invest in a modern manufacturing facility in India.
The entity will service key markets of SAARC (excluding Pakistan) and Myanmar.
"The joint venture is in line with Pidilite's strategy of building its market position in pioneering categories," said Pidilite's Managing Director Bharat Puri. "There is an excellent value match between Pidilite and Grupo Puma to meet the future needs of customers for quality products," he said in a statement.
Grupo Puma's CEO Francisco Jimenez said, "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."
Some of Pidilite's major brands are M-Seal, Fevikwik, Fevistik, Roff, Dr Fixit, Fevicryl, Motomax, and Hobby Ideas.
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