Shares of Supreme Industries Ltd were trading in the green and 2% higher on 11 March after the company announced signing a Memorandum of Understanding (MoU) with Wavin Industries to acquire its Indian Piping business for a total consideration of $30 million.
As part of the acquisition, the company will gain exclusive rights to all existing technologies from Wavin BV – Netherlands (the parent company) and any new technologies developed over the next seven years for use in India and SAARC countries.
This acquisition aligns with the company’s current business of manufacturing plastic piping systems and is expected to be finalized by 30 June 2025, subject to due diligence and regulatory approvals.
The acquisition of Wavin India will expand the company’s piping division capacity by 73,000 MT per annum, enhancing its ability to serve North and South India more efficiently and cost-effectively.
For the acquisition of shares, statutory approval under FEMA will be required.
Wavin India, established on 30 August 2007, manufactures piping systems under the Wavin brand and operates as part of the Orbia Group.
At 12:22 pm, the shares of Supreme Industries were trading 0.69% higher at 3,342.50 on NSE.
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