Astral Poly Technik, leaders in CPVC pipes and fittings industry in India, today announced that it has acquired 76% stake in Resinova Chemie for Rs 2.12 billion. The transaction values Resinova at an Enterprise valuation of Rs 2.89 billion.

Commenting on the transaction, Sandeep Engineer, MD, Astral, said, ''Astral has established itself as a strong participant in the CPVC pipes and fittings sector and has gained recognition as a progressive player in the other related sectors. We see the adhesives business as the logical next step in building the Astral franchise. In high growth Indian adhesive market, the Resinova acquisition provides a strong platform which is highly complementary to Astral's strengths. We see tremendous growth opportunities and are excited with the prospects to create lasting value for our shareholders.''

Shares of the company declined Rs 4.05, or 0.99%, to settle at Rs 403.10. The total volume of shares traded was 32,908 at the BSE (Friday).