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Luthra, Rajani build Rs 35 cr Motilal PE in Magicrete

Rajani Associates advised brokerage house Motilal Oswal Private Equity (MOPE) which invested Rs 35 crore ($6.4m) in concrete blocks maker Magicrete Building Solutions, which was advised by Luthra & Luthra.

Rajani Associates founding partner Prem Rajani with partner Poorvi Sanjanwala, senior associate Karishma Jumani and associate Nishtha Mehta acted for MOPE which invested the amount through its funds India Business Excellence Fund IIA and India Business Excellence Fund II, according to a Rajani press release.

Luthra & Luthra Mumbai partner Bikash Jhawar with managing associate Amit Shetye and senior associate Rohan Shah acted for Magicrete, which was incorporated in 2008.

Magicrete is India’s largest maker of autoclaved aerated blocks, which are replacing red bricks in construction across India, according to the Economic Times and Deal Curry.

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