CK Birla, Chairman of the CK Birla Group, said: "The acquisition of Parador fits into our strategic roadmap and is an important step towards becoming a global player in the building materials industry. It also enables us to enter into adjacent categories for future growth. Parador's strong developmental capabilities will enable us to build flooring solution products suited to India and South East Asian markets."

Dhirup Roy Choudhary, Managing Director & CEO of HIL said "With world class development capabilities and strong customer relationships, we found Parador flooring solutions to be a great alignment with our existing offerings at HIL and it takes us closer to our aspiration of one stop shop for all Building Materials and products. The synergistic combination of complimentary portfolios will create a stronger global business. We believe that we will be able to expand the product sales into India and other South East Asian nations, which will enable us to drive faster growth."

The acquisition comes at an attractive valuation and remains subject to antitrust filings in Germany and other relevant regulatory approvals.

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