Bengaluru, 28th March 2024 - Magicrete, one of India's frontline producers of AAC Blocks, Construction Chemicals, and Precast Construction Solutions, has completed the acquisition of a majority stake in Maxlite, a leading AAC Blocks manufacturer located in South India, headquartered in Bengaluru. Maxlite operates two AAC Blocks manufacturing facilities, one in Karnataka and the other in Tamil Nadu, boasting a combined annual capacity of 500,000 cubic meters. This strategic acquisition further solidifies Magicrete's dominant position in the AAC Blocks industry, elevating its total installed capacity to 1.8 million cubic meters per annum, and establishing it as the industry leader.
AAC Blocks serve as resource-efficient alternatives to traditional red clay bricks, offering superior thermal insulation and reducing construction time and structural load. They are approximately ten times larger than clay bricks and are manufactured using waste fly ash, thereby consuming 70% less energy. The increasing adoption of AAC Blocks in recent years has been instrumental in promoting energy-efficient construction practices.
Sourabh Bansal, Co-founder and Managing Director of Magicrete said, " This strategic move marks a significant leap in our pan-India growth trajectory. We are highly optimistic about the myriad opportunities, and the synergies between the two companies that will unfold in the near future. This acquisition not only solidifies our leadership in the industry but also ushers access to new high-potential geographies of Southern India. We as a company now have the ability to serve from Kashmir to Kanyakumari.”
R Darshan Kumar, Managing Director, Maxlite, will be spearheading the operations in South India. “Maxlite, as one of the first AAC plants in Bangalore, brings a history of innovation to the table. The expansion plans in south India further enhance the strategic synergy between two industry leaders, combining Magicrete's stronghold in the North and West with Maxlite's pioneering position in the South. The joint entity aims to capitalize on regional strengths, leveraging collective expertise and resources to solidify their market dominance” says Kumar.
Magicrete has been at the forefront of modern construction technology in India for the past decade, contributing significantly to the 'Housing for All' initiative through the provision of innovative yet affordable construction materials. The company is spearheaded by a team comprising graduates from prestigious institutions such as IIT Kharagpur, IIT Delhi, and IIM Lucknow and is backed by notable investors including Motilal Oswal Private Equity, India SME, and Mukul Agrawal.
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