India, March 11 -- Supreme Industries said that in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company has signed a Memorandum of Understanding (MoU) to acquire Wavin India's piping systems business.
The acquisition is valued at an aggregate consideration of $30 million, plus net working capital on the closing date, which will be determined in due course. The transaction is subject to due diligence and necessary regulatory approvals.
Wavin India, a part of the Orbia Group, specializes in manufacturing piping systems under the "Wavin" brand.
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