Pidilite to invest up to Rs. 100 cr in Nina Waterproofing

Pidilite Industries recently said it will invest up to Rs. 100 crore in Nina Waterproofing Systems in which it plans to have 70 per cent equity stake.

In a regulatory filing, Pidilite Industries said, the Board of Directors today approved investment in equity shares of Nina and it proposed to make the firm its subsidiary by acquiring 70 per cent stake in the firm.

'The initial investment of the company in Nina will be about Rs. 23.33 lakh. The board has also approved additional investment up to Rs 100 crore in Nina,' the filing added.

Nina Waterproofing Systems (Nina) was incorporated on November 11, 2014 to engage in the business of supply, installation and application of waterproofing systems.

ET