(binaniindustries) -- Binani Industries Limited, the holding company of USD 1.6 billion Braj Binani Group, today announced the acquisition of 3B - The Fibreglass Company (3B'), a Europe-based major in fibreglass products and technologies. Binani Industries Limited is one of India's leading global diversified business houses, with interests in cement, zinc, glass fibre, composites and ready-mix concrete.
The Braj Binani Group has acquired a 100 per cent equity interest in 3B from Platinum Equity.
Headquartered in Battice, Belgium, 3B is Europe's leading manufacturer of fibreglass for reinforcement of thermoplastics and thermoset polymer applications, and is a preferred supplier to global leaders in industries including automotive and wind energy.
This acquisition is part of Braj Binani Group's strategy to expand its footprint in the global fibreglass market. It further augments the Group's technological and marketing capabilities in the fibreglass business.
Mr Braj Binani, Chairman, Binani Industries Limited, said, ⌠The acquisition, costing us EUR 275 million, will strengthen our group's core operations at a global level. The group is present in fast-growth business segments, of which fibreglass is one. We are among one of the few groups globally that has a robust presence in this niche segment and we are working to accelerate our fibreglass operations further over the coming years. 3B is therefore a perfect match. We look forward to leveraging its expertise, strong R&D and excellent customer network.