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Time Technoplast informs about non-core assets held for sale in India

04 Dec 2023 Evaluate
Time Technoplast has informed that the Company has signed an MOU for selling the land & building located in Southern India, along with electrical installation & fixed equipment for a total consideration of Rs 26.5 crores. This transaction is estimated to be completed before the end of current financial year, after compliance with local authorities. The Company had decided to liquidate all Non-Core Assets by the end of FY 2025, considering the current business plan, and identified certain movable (plant & machinery, moulds, equipment etc.) and immovable (land and building) assets which are currently not in use and not useable in near future. The estimated total realizable value from all these assets put together is around Rs.125 crores (appx). The company has appointed a committee as directed by the Senior Management to expedite the sale process. The proceeds from these assets will be partly used for reduction of debt and partly towards expansion of existing established and Value-Added products.

The above information is a part of company’s filings submitted to BSE.

Time Technoplast Share Price

195.65 -0.05 (-0.03%)
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