Pidilite Industries Ltd, a leadinannounced on Friday that its joint venture ICA Pidilite Private Ltd has entered into a licensing agreement with its Italian partner, Industria Chimica Adriatica SPA (ICA), for specific UV technology.
In a regulatory filing with the stock exchange, Pidilite stated, “This is to inform you that ICA Pidilite Private Limited, a joint venture of Pidilite Industries Limited (‘the Company’) and Industria Chimica Adriatica SPA, Italy (‘ICA’), have entered into an agreement with ICA for licensing of certain UV technology from ICA.”
ICA Pidilite Private Ltd is a collaborative venture between Pidilite Industries Ltd and ICA, aimed at leveraging ICA’s expertise and technological advancements in the chemical industry. The agreement involves the licensing of UV technology from ICA to ICA Pidilite, with the consideration details remaining confidential.
The company emphasized that the transaction, executed on an arm’s length basis, is classified as a related party transaction but is not considered material and will not impact the company’s management or control.
“The aforesaid transaction is a related party transaction and is at an arm’s length basis. This is not a material transaction and it does not have any impact on the management,” Pidilite noted. Additionally, the company confirmed that neither the promoter nor the promoter group of Pidilite Industries is related to or has any interest in this transaction.
This licensing agreement marks a significant step for ICA Pidilite, enabling the joint venture to incorporate advanced UV technology into its operations, thereby enhancing its product offerings and market competitiveness.
