Pidilite Industries - ICA sign licensing agreement for use of UV technology

18 Jun 2024 , 10:56 AM

Pidilite Industries Ltd, a manufacturer of adhesives and construction chemicals, announced on Friday (June 15) that its joint venture, ICA Pidilite Private Ltd, has signed an agreement with Industria Chimica Adriatica SPA (ICA) to license particular UV technology.

According to a stock exchange filing, ICA Pidilite Private Limited, a joint venture of Pidilite Industries Limited (the Company) and Industria Chimica Adriatica SPA, Italy (ICA), has signed an agreement with ICA to license certain UV technologies from ICA.

As part of this related party transaction, ICA Pidilite will pay an agreed-upon fee to ICA, however the financial details are not disclosed. The transaction, which was conducted on an arm’s length basis, is not considered substantial and will have no impact on the company’s management or control.

The aforementioned transaction is a related party transaction conducted on an arm’s length basis. The corporation stated that this is not a major transaction and has no influence on management. Furthermore, neither the promoter nor the promoter group of Pidilite Industries is involved in or has any stake in this transaction.

Pidilite sells its products under a variety of brands, including Fevicryl, Dr. Fixit, Fevicol, Fevicol MR, Fevikwik, Fevistik, and M-seal. The company’s products are utilised in the leather, adhesive, footwear, textile, and paper chemical sectors.

At around 10.52 AM, Pidilite Industries was trading 0.65% higher at ₹3,130 per piece, against the previous close of ₹3,109.80 on NSE. The counter touched an intraday high and low of ₹3,139, and ₹3,104.50, respectively.

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