Pidilite Industries completes acquisition of Huntsman Group's Indian subsidiary for Rs 2,100 cr

New Delhi: Pidilite Industries, the manufacturers of the popular Fevicol brand of adhesives, on Wednesday said it has completed acquisition of the US-based Huntsman Group's Indian subsidiary for Rs 2,100 crore. "The company has completed the acquisition of 100 per cent stake in Huntsman Advanced Materials Solutions Private Ltd (HAMSPL), on November 3, 2020. As such, HAMSPL is now a subsidiary of the company," Pidilite Industries said in a regulatory filing.

Huntsman Advanced Materials Solutions manufactures and sells adhesives, sealants and other products under brands such as Araldite, Araldite Karpenter and Araseal in the country.

The deal also includes the company's Indian subcontinent business, apart from a trademark licence for the Middle East, Africa and ASEAN countries.

In 2019, Huntsman had a revenue of around Rs 400 crore from its operations here.

Under the deal, Huntsman received around 90 per cent of the cash consideration at closing and balance around 10 per cent within 18 months if the business achieves sales revenue in-line with 2019.