(Alliance News) - Piovan Spa announced Thursday that it has finalized Piovan Spa's acquisition of 1 percent of the share capital of Nu-Vu, an Indian company in which Piovan already held 50 percent.

The deal also includes an opportunity for the Piovan group to further increase its stake in Nu-Vu and a commitment by the parties to jointly develop a new business plan for Nu-Vu, leveraging a new license agreement under which Nu-Vu will have the right to manufacture and sell certain key technologies of the Piovan group in the region.

Piovan's stock is down 0.4 percent at EUR9.84 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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