Firms enter into definitive agreement
Carborundum Universal Ltd. (CUMI) has entered into a definitive agreement with PLUSS Advanced Technologies, a specialty materials research and manufacturing company, for acquiring a controlling stake at an investment of ₹115 crore.
The investment will be made to acquire equity shares from the existing shareholders, including promoters, and to subscribe to additional equity capital in PLUSS. CUMI will hold 72% of post enhanced capital of PLUSS, the company said in a regulatory filing.
PLUSS is involved in the fields of phase change materials (PCM) for thermal energy storage and specialty polymeric additives for polymer recycling and enhancing mechanical properties. PCMs are substances that absorb or release energy during phase transition, from solid to liquid and vice versa. PLUSS plays a key role in the cold chain logistics of Sputnik V COVID-19 vaccines.
“Acquisition of PLUSS fits in well with CUMI’s long-term goal of pursuing opportunities that leverage material science sustainably,” said N. Ananthaseshan, MD, CUMI. “CUMI has six decades of experience in processing varied materials, manufacturing and distribution across geographies. Leveraging these strengths, we plan to offer global customers, a broad range of specialty PCM products and solutions,” he added.
“We started as a bootstrapped business in 1994. Now, we are getting into phase 3 of growth, where our focus is on quick introduction of commercialised products through infrastructure creation, continuous innovation, licence technologies and strategic partnerships,” said Samit Jain, MD, PLUSS.
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