Private Equity Fund Investments
CUMI to acquire 72% in materials tech firm Pluss for Rs.115-Cr
Chennai-based, publicly listed Murugappa Group company Carborundum Universal (CUMI) is to acquire a controlling stake in Pluss Advanced Technologies Pvt Ltd (formerly Pluss Polymers Pvt Ltd), a Gurgaon-based maker of specialty polymer additives and Phase Change Materials (PCM), for a initial investment of INR 115 crore. CUMI will acquire an initial 67.94% stake and increase it to 72% (including through a fresh issue of shares) by end October 2021. Pluss had reported a turnover of INR 36.31 Cr for FY21, compared to INR 27.04 Cr and INR 28.65 Cr in the previous two fiscal years. Pluss' products have applications in energy storage, healthcare, food & agriculture, buildings, refrigeration equipment and HVAC. Founded in 1994, Pluss has a presence in India and the Netherlands.
From the Venture Intelligence PE-VC Deal Database: Between 2012 and 2015, Pluss had raised INR 25 Cr from Tata Capital Innovations Fund. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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