Pidilite Industries has bought a 70 percent stake in Tenax India Stone Products in an all-cash deal for about Rs 80 crore.

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The leading manufacturer of adhesives, sealants, construction chemicals, consumer adhesive, and specialty chemicals has entered into a definitive agreement with Tenax SPA (Tenax Italy), the company said in statement on Thursday.

Tenax Italy is a manufacturer of adhesives, coating, surface treatment chemicals and abrasives for the marble, granite and stone Industry.

Tenax India, incorporated in 2005, a subsidiary of Tenax Italy, is engaged in sales and distribution of Tenax Italy products in India.

Bharat Puri, managing director, Pidilite Industries, said: “This acquisition will help expand Pidilite’s presence in the fast-growing adhesives, coatings and surface treatment chemicals market for the marble and stone Industry and bring world class technology to India by investing in a manufacturing plant.”

“We are excited about the partnership between Pidilite and Tenax spa to consolidate our presence in the fast-growing retail market in India and adjacent SAARC markets through Tenax India Stone Products,” said Igino Bombana, group president, Tenax SPA.

After the acquisition, Tenax India will become a subsidiary of Pidilite. This acquisition will enable Tenax India to fully leverage sales, distribution and marketing capability of Pidilite in the country and SAARC markets, it said.

Tenax Italy will continue to be a partner (having 30 percent stake) in Tenax India and provide full technical and marketing support to Tenax India in these markets.