Brokerage house Motilal Oswal's private equity arm on Tuesday 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 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 fiscal year.
"This investment will help institutionalise our business, accelerate our growth and enhance our brand with all stakeholders," MOPE managing director Sourabh Bansal said.
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