Manbro Industries acquires AAC block maker, raises ₹100 crores for expansion

Manbro Industries Ltd has announced the acquisition of up to 90% of Gotripily Travel Services Private Limited for ₹15,00,00,000. Gotripily Travel Services, incorporated on November 15, 2023, produces and manufactures eco-friendly building materials, focusing on Autoclaved Aerated Concrete (AAC) blocks. This related party transaction will make Gotripily Travel Services a subsidiary of Manbro Industries, with funds infused through equity share subscription.

This strategic move aligns with Manbro Industries' plan to expand its business operations and acquire related businesses. The acquired entity's registered office is in Kamrup, Assam, and it reported nil turnover in its last three years.

To support this growth, Manbro Industries' board also approved raising funds of up to ₹100 Crores through Qualified Institutional Placements (QIPs) in one or more tranches. These funds will be used for business expansion, acquisition of related businesses, repayment of existing loans, and general corporate purposes.