CK Birla group arm HIL buys Fast Build Blocks for Rs 65 cr

The CK Birla Group has taken over the Odisha-based building material-maker Fast Build Blocks for Rs 65 crore in a slump sale.

The transaction is between the CK Birla group flagship HIL, which is the world’s largest manufacturer of building materials, and Fast Build Blocks, a top HIL official said.

Market sources said the deal structured as a business transfer agreement is for around Rs 65 crore and HIL will buy the entire manufacturing, distribution and sales network of autoclaved aerated concrete blocks and will take over the entire liabilities of the target company.

The 75-year-old HIL is the world’s largest manufacturer and seller of fibre cement roofing and is a leading provider of comprehensive building solutions. Fast Build is the pioneer in manufacturing autoclaved aerated concrete blocks and its facilities are located in the Cuttack district of Odisha. The acquisition will help HIL to profitably ramp up its business and take a leadership position in the Eastern region where it does not have much manufacturing presence, said Dhirup Roy Choudhary, the managing director of HIL.

Established in 1946, the listed HIL is the flagship company of the CK Birla Group and sells its products under five brands–Charminar, Fortune, Birla Aerocon, Birla-HIL and Parador. It has 22 manufacturing facilities in the country and two in Europe.

Established in December 2021, Fast Build is into manufacturing, distribution and sale of AAC blocks of different sizes and gradients and has a strong presence in the eastern market.

Singhi Advisors acted as the exclusive buy-side advisors.

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