HIL Ltd, a part of the $2.9 billion CK Birla Group, announced that it has signed an agreement with Crestia Polytech for the acquisition of Topline, a popular brand of pipes and fittings in Eastern India along with Crestia’s four wholly owned subsidiaries Topline Industries, Aditya Polytechnic, Aditya Industries and Sainath Polymers for Rs 265 crore. Crestia and its subsidiaries, with an estimated turnover of Rs 330 crore in FY24, are strong players in the pipes, fittings and water tank sector with three flagship brands: Topline, Rockwell, and Soniplast.
This acquisition is a significant step towards HIL’s commitment to further accelerate its fast-growing pipes & fittings business in the estimated Rs 55,000 crore Indian PVC Pipes & Fittings market, the company said in a statement. It further stated that the acquisition will also help to significantly scale HIL’s production capacity and nearly double its revenue.
Avanti Birla said, “The agreement to acquire Topline perfectly aligns with our ambition, and is part of our growth strategy for the Pipes & Fittings business at HIL. The combined synergies of the two organisations will broaden the product portfolio, manufacturing capacity and market reach for us. Our ambition is to be five times our current size in this category by 2026.”
“It not only doubles our revenue but also immediately enhances our production capacity three-fold, especially in the strategically important Eastern region. We also gain access to Topline’s significant channel presence across 15 states, with the East being a stronghold. Significant government and private investments expected across infrastructure, construction, real estate and agriculture sectors ensures a place for HIL in a fast paced transformation journey. We are committed to delivering exceptional products and services to our customers,” she added.
Akshat Seth, Managing Director and CEO of HIL, said, “The unique capabilities of Topline perfectly complement HIL’s portfolio and open new product segments and markets for us. This acquisition will enable our entry into large segments such as high-density polyethylene (HDPE), medium density polyethylene (MDPE) and Water tanks. In fact, we will nearly double our SKU offerings. Access to patented technologies in Electrofusion fittings and Water tanks will position us among the top tier players. 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.”
HIL has a manufacturing footprint across 25 locations in India and Europe, and serves customers in more than 80 countries worldwide. In recent years, HIL has built a strong presence in the Pipes & Fittings segment in India under the brand name of Birla HIL.