Hitech Corporation has received approval for entering into definitive agreements including a Share Purchase Agreement with the shareholders of Thriarr Polymers to acquire upto 100% of the paid-up share capital of Thriarr Polymers on a fully diluted basis. Post acquisition, Thriarr Polymers will become wholly owned subsidiary of the company. The said acquisition will add new product line and enhance the total addressable market of the company as well as improve its international presence.
The acquisition shall likely be completed within 3 months and is subject to fulfilment of condition precedents as agreed between the parties. Cost of acquisition is not exceeding Rs 30 crore. The Board of Directors of the company in their meeting held on November 13, 2024 have approved the same.
Hitech Corporation is engaged in manufacturing of rigid plastic containers specially catering to customers relating to Paints, Lube and Pharmacy product as well as export market.
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