Japan's lIXIl Corporation, a building materials company, on Tuesday acquired 70 per cent stake in Star Alubuild Pvt ltd from Romi Malhotra, the founder of the company, and DlF subsidiaries.
DlF, after providing key anchor support to Star Alubuild in its initial growth phase, has decided to exit its investment in Star Alubuild as part of its ongoing non-core divestment strategy, Star Alubild said in a statement.
Star Alubuild, started in 2003, is curtain wall company and has customer base which includes DlF, IREO, Oberoi and larsen & Toubro, amongst others.
This acquisition along its existing sanitary ware brand American Standard, will accelerate lIXIl's foray into the Indian market, the company said.lIXIl is the largest housing and building materials company in Japan with leadership across eight market categories.