HIL Ltd’s shares were up by 3.60 per cent after the company announced signing an agreement with Crestia Polytech for the acquisition of Topline, a brand of pipes and fittings in Eastern India, along with its four wholly-owned subsidiaries, for ₹265 crores.
HIL, a part of CK Birla group informed, Crestia Polytech and its subsidiaries, with an estimated turnover of ₹330 crores in FY 24 are players in the pipes, fittings, and water tank sector, with three flagship brands: Topline, Rockwell, and Soniplast.
“Our ambition is to be five times our current size in this category by 2026.,” said Avanti Birla, Chairperson of HIL Ltd.
“This acquisition will enable our entry into large segments such as high-density polyethylene (HDPE), medium density polyethylene (MDPE) and Water tanks,” said Akshat Seth, Managing Director and CEO of HIL.
HIL is also expecting to nearly double their SKU offerings, and is hoping that access to patented technologies in Electrofusion fittings and Water tanks will position them among the top tier players.
According to the release, this also enhances HIL’s presence in significant government projects and secures JJM (Jal Jeevan Mission) approval across 12 states.
“We will now be able to serve customers in sectors such as Agriculture, Telecom and Natural Gas,” added Akshat Seth.
The shares were up by 3.60 per cent to ₹2797.10 at 11.38 am on the BSE.