The board of HIL today gave its approval to acquire the entire stake in Parador Holdings GmbH, Germany, through the company's wholly-owned subsidiary.
The enterprise value of Parador Holdings GmbH is 82.8 million euros (around Rs 687.2 crore).
"Pursuant to the said approval of the Board, the Company and HIL International GmbH, Germany have entered into a 'Sale and Purchase Agreement' with the shareholders of Parador Holdings GmbH, Germany," HIL said in a regulatory filing.
The CK Birla Group firm is a building solutions provider and a leading manufacturer of fibre cement roofing sheets.
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