Mumbai, India - Adhesive manufacturing company Pidilite Industries has bought the majority of Pune-based Cipy Polyurethanes. Pidilite paid INR 964 m ($15.2 m) for 70% of Cipy Polyurethanes in an all-cash deal. 'The move will enable Pidilite to expand its presence in the fast-growing resin flooring and floor coating category,' said Bharat Puri, Pidilite Industries' managing director, in a statement. Rapid economic growth and rising construction spending in countries such as India continue to drive growth in the surface flooring market.
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