Carborundum Universal agrees to acquire PLUSS

Carborundum Universal agrees to acquire PLUSS

Shares of Carborundum Universal (CUMI) rallied 5% to hit a new high of Rs 800 on the BSE in intra-day trade on Friday after the company said it has entered into a definitive agreement for acquiring a controlling stake in PLUSS Advanced Technologies Private Limited (PLUSS) at an initial investment of Rs 115 crore.
The investment is proposed to be made by acquiring the equity shares of PLUSS from the existing shareholders, including promoters as well as subscribing to additional equity capital in PLUSS.

Corborundum Universal, being a material science-oriented company, PCM will provide opportunities in emerging areas of material science with applications in energy storage and conservation in life sciences, health care, food, agriculture, buildings, refrigeration equipment and HVAC.
PLUSS is involved in the fields of Phase Change Materials (PCM) for thermal energy storage and speciality polymeric additives for polymer recycling and enhancing mechanical properties. PCMs are substances that absorb or release energy during phase transition, from solid to liquid and vice versa. PLUSS plays a key role in the Cold Chain logistics of Sputnik V Covid vaccines. The company has a presence in India and Netherlands.

Disclaimer –
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.