CUMI to pick up controlling stake in PLUSS Advanced Technologies
Carborundum Universal Ltd (CUMI), part of the diversified conglomerate Murugappa Group, on Thursday said it entered into a definitive agreements to acquire a majority stake in specialty materials research and manufacturing company, PLUSS Advanced Technologies Pvt Ltd at an initial investment of Rs 115 crore.
By : migrator
Update: 2021-08-26 19:21 GMT
Chennai
PLUSS has been involved in the fields of Phase Change Materials (PCMs) for thermal energy storage and speciality polymeric additives for polymer recycling and enhancing mechanical properties. PLUSS plays, a key role in the cold chain logistics of Sputnik V Covid vaccines.
“Acquisition of PLUSS fits in well with our long term goal of pursuing opportunities that leverage material science sustainably. Phase change materials are thermal energy storage materials with versatile applications that serve the UN sustainable development goals of industry, innovation and infrastructure...,” CUMI MD N Ananthaseshan said.
“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.
PLUSS MD Samit Jain said, “With CUMI’s experience in material sciences, global footprint and coupled with their investment capabilities, we are confident of accelerating the progress of PLUSS”.
Commenced operation in 1994 with research and development, manufacturing and specialised polymers, PLUSS Advanced Technologies commenced development in the field of phase change materials, technology, in 2007.
The company today has a global presence with its own subsidiary in the Netherlands.
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