M&A

M&A

HIL to buy bricks substitute maker Fast Build Blocks

BSE Announcemen   BSE Announcemen   Economic Times  

Publicly listed HIL Ltd, a CK Birla Group company, will acquire the entire business undertaking of Fast Build Blocks Pvt Ltd on slump sale basis. As part of the deal, HIL will buy the manufacturing, distribution and sales network of autoclaved aerated concrete (AAC) blocks and will take over the entire liabilities of the target company. Singhi Advisors acted as the exclusive buy side advisors for the deal. Fast Build is claimed to be a pioneer in manufacturing AAC blocks, a brick substitute, with facilities in the Cuttack district of Odisha. HIL is a maker of fibre cement roofing and other building solutions. The acquisition will help HIL to ramp up its business and take leadership position in the eastern region.