 "Japanese firm buys 70% stake in DLF unit")
LIXIL, the Japanese building materials company, today said it has acquired 70% stake in Star Alubuild, which is into building curtain walls for commercial buildings, from the subsidiaries of DLF and Romi Malhotra, the founder of the company, for Rs 56 crore.
The deal values the company at Rs 79.8 crore. DLF subsidiaries are the major owners of the company and sale of the company is part of the real estate major's non core divestment strategy, a statement of LIXIL said.
Star Alubuild specializes in the designing, engineering, fabrication and installation of curtain walls for commercial buildings, retail malls and doors & windows for projects throughout India.
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Bill Crichton, COO of LIXIL ASEAN PTE. LTD., said “ I see this strategic acquisition as the first step to developing India's first national aluminium curtain wall and window sash supplier with full capabilities to design, fabricate and install for India's leading developers at a national level. Our aim is to work closely with architects, building designers and developers, to understand their requirements, and then design and build the best quality products using our global expertise, at a very competitive price for the Indian market.”