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Time Technoplast to Acquire 76% Stake in Pipes Manufacturer Systovers

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Time Technoplast (NSE:TIMETECHNO, BOM:532856) agreed to acquire a 76% stake in pipes and sprinkler systems manufacturer Systovers for 15.2 million Indian rupees, according to a Wednesday filing to the Indian stock exchanges.

The acquisition is aimed at strengthening the company's high-density polyethylene (HDPE) pipe portfolio, accelerating inorganic growth, and establishing operational presence in Maharashtra, India.

The company plans to invest a total of 250 million rupees in the 76% equity stake acquisition, along with expenditure towards plant upgradations, modernization, capacity expansion, and capex for plant and machinery.

The transaction is expected to be completed in 30 days.

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