Adhesives and industrial chemicals manufacturer Pidilite Industries today said its wholly-owned subsidiaries have fully acquired Kenya-based firm Nebula East Africa Private Ltd (NEAPL) for an undisclosed sum.
“Pidilite International Pte Ltd and Pidilite Middle East Ltd, wholly-owned subsidiaries of the company, have acquired shares of Nebula East Africa Private Ltd (NEAPL), a company incorporated in Kenya,” Pidilite Industries Ltd said in a BSE filing.
“With this acquisition, the wholly-owned subsidiaries of the company jointly hold 100 per cent of the paid up share capital in NEAPL,” it said.
It further said: “NEAPL is proposed to be engaged in the business as manufacturers, importers, exporters, buyers, sellers, etc in adhesives, sealants, and all other products used for making or producing adhesives and sealants”.
Shares of Pidilite Industries closed 0.72 per cent up at Rs 699.10 apiece on BSE.