Asia
Time Technoplast to Acquire 76% Stake in Pipes Manufacturer Systovers
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.
BOM:532856NSE:TIMETECHNO
