Motilal PE invests Rs 35 crore in concrete block maker Magicrete

MUMBAI:Brokerage house Motilal Oswals private equity arm today said it has invested Rs 35 crore in Magicrete Building Solutions, a concrete blocks maker. Magicrete, incorporated in 2008, is the second largest manufacturer of autoclave aerated concrete (AAC) blocks and recently forayed into offering gypsum plaster and dry mortar, Motilal Oswal BSE -1.10 % Private Equity (MOPE) said. However, it did not specify the percentage of stake it will be taking in Magicrete. The statement said the company is aiming to become the largest manufacturer in its field by the end of the next financial year. “This investment will help institutionalise our business, accelerate our growth and enhance our brand with all stakeholders,” MOPE Managing Director Sourabh Bansal said. The MOPE investment has been done through the India Business Excellence Fund II and India Business Excellence Fund IIA it manages, the statement said.