Magicrete completes process of acquisition of majority stake in Maxlite

Magicrete, which produces building product AAC Blocks, construction chemicals, and precast construction solutions, on Wednesday said it has completed the acquisition of a majority stake in Maxlite.

The company did not disclose the actual stake that it has acquired and also the deal value.

In a statement, Magicrete said this strategic acquisition would enhance its total installed capacity of AAC (Autoclaved Aerated Concrete) blocks to 1.8 million cubic metres per annum.

Maxlite is an AAC Blocks manufacturer located in South India, headquartered in Bengaluru. It operates two AAC Blocks manufacturing facilities, one in Karnataka and the other in Tamil Nadu, boasting a combined annual capacity of 5,00,000 cubic meters.

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 about ten times larger than clay bricks and are manufactured using waste fly ash, thereby consuming 70 per cent less energy.