Hitech Corporation has entered into a Share Purchase Agreement (SPA) with the shareholders of Thriarr Polymers for acquisition of 100% of the paid-up share capital on a fully diluted basis. Post completion of transfer of shares 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 30 days. The cost of acquisition is not exceeding Rs 30 crore.
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.
