Astral Poly Technik acquires British company Seal It Services for Rs 44 crore

Ahmedabad: Ahmedabad-based Astral Poly Technik has acquired 80 per cent stake in British adhesive-maker Seal It Services Ltd investing Rs 44 crore. The Indian company manufactures CPVC pipes and adhesives.

The deal due diligence has been done by KPMG, while the transaction has been financed by HSBC Group. Seal It Services Ltd is known for its flagship product - Bond It. "We are entering the sealant segment and would soon launch the product for the domestic market," Astral's CFO Hiranand Savlani said in an e-mail response.

India's adhesives and sealants market is worth Rs 6,000 crore about 20 per cent of the Rs 30,000-crore global market, said Savlani. Builders, roofing contractors, industrial bitumen manufacturers and flooring distributors use the products.

Seal It services, founded in 2002, supplies of adhesives and sealants used in plumbing to UK, Europe, Africa and Middle East. It has a manufacturing unit at Elland town in England, spread across 40000 sq feet and includes research facilities.

Astral, has 18,000 dealers and 400 distributors across India and is looking to expand the number of its manufacturing plants in the country. Salman Khan is its brand ambassador.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.