Universal (CUMI) on Thursday announced that it has entered into definitive agreements for acquiring a controlling stake in PLUSS Advanced Technologies Private (PLUSS), a specialty materials research and manufacturing company, at an initial investment of Rs 115 crore.
CUMI, established as a tripartite in 1954, is a materials sciences engineering solutions provider and is part of the Murugappa Group. CUMI’s consolidated revenue is Rs 2,631 crores and PAT of Rs 284 crores for the financial year FY 21.
“Acquisition of PLUSS fits in well with CUMI’s long term goal of pursuing opportunities that leverage material science sustainably. PCMs are thermal energy storage materials with versatile applications that serve the UN Sustainable Development Goals of Industry, Innovation & Infrastructure, Sustainable Cities & Communities, Zero Hunger and Affordable & Clean Energy. We plan to offer global customers a broad range of specialty Phase Change Materials (PCM) products and solutions,” N. Ananthaseshan, Managing Director of CUMI said.
PLUSS is involved in the fields of PCM for thermal energy storage and speciality polymeric additives for polymer recycling and enhancing mechanical properties. PCMs are substances which 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.
“PLUSS is a niche technology company with good growth prospects. Opportunities in pharma cold chain, refrigeration & food supply chain, medical devices, buildings and HVAC are emerging in India as well as globally. PLUSS with CUMI’s global footprint and investment support is well poised to address these opportunities,” Sridharan Rangarajan, Director of Finance and Strategy of CUMI said.
Founded in 1994, PLUSS Advanced Technologies started with R&D and manufacturing of specialized polymers. In 2007 PLUSS commenced development in the field of Phase Change Materials (PCMs) technology. In 2012, the company raised equity funds from Tata Capital Innovations Funds and expanded R&D, developed and commercialized first of its kind temperature control solutions using proprietary materials, addressing unmet need of temperature control across refrigeration, cold storage, cold-chain logistics, HVAC, and healthcare sectors. The company today has a global presence with its own subsidiary in the Netherlands.
“We started as a bootstrapped business in 1994. Now, we are getting into Phase 3 of growth, where our focus is on quick introduction of commercialized products through infrastructure creation, continuous innovation, license technologies and strategic partnerships. With CUMI’s experience in material sciences, global footprint and coupled with their investment capabilities, we are confident of accelerating the progress of PLUSS,” Samit Jain, Managing Director of PLUSS said.