Motilal Oswal invests $6.5m in Magicrete

Based in the Indian city of Surat, Magicrete was founded in 2008. The company's is primarily involved in manufacturing AAC Blocks under the brand Magicrete but it recently began offering gypsum plaster and dry mortar under the Magicplast and Magicbond brands, respectively.

Sourabh Bansal, managing director of Magicrete, said the funding would be used to accelerate the company's growth and to enhance its brand with stakeholders.

''We are excited to be partnering with Sourabh and his team in this phase of growth of Magicrete," said Raamdeo Agrawal, chairman of Motitlal Oswal in a statement. "We truly believe that the management team of Magicrete is outstanding and the industry is poised for phenomenal growth for the next several years.''

The investment was made through Motilal Oswal Private Equity Advisors' India Business Excellence Fund (IBEF) II. The 2011 vintage vehicle, which is targeting INR9 billion, reached its second close last August, with commmitments totalling INR4.9 billion. IBEF I, which had it final close at INR5.5 billion in 2007, is already fully deployed.

The firm also has a INR2 billion real estate fund and is currently raising a second. 

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• Topics
• South Asia
• Industry
• Investments
• Motilal Oswal Private Equity
• India
• Growth capital
• Real estate