Time Technoplast has executed a Share Purchase Agreement (SPA) with Systoverse (SPL), a company incorporated in Maharashtra, India, to record the terms of the investment, including the terms on which the company shall acquire equity shares equivalent to 76% of the total paid-up share capital of Systoverse on a net asset basis. The remaining 24% stake will continue to be held by the existing shareholders of SPL. The acquisition is in furtherance of the company's strategy to strengthen its High-Density Polyethylene (HDPE) Pipe portfolio, accelerate inorganic growth, and establish an operational presence in Maharashtra.
This acquisition is in alignment with the company's strategic plans and reinforces its commitment to the Government of India's 'Make in India’ initiative by combining sustainability with innovation. The transaction enables the company to offer efficient, durable, and easy-to-handle pipe solutions to its customers, while further strengthening its position within the domestic pipe industry. The company’s total projected investment stands at around Rs 25 crore, comprising of 76% equity stake acquisition along with expenditure towards plant upgradations, modernization, capacity expansion and capex for plant and machinery.
Earlier, the company had entered a Memorandum of Understanding (MoU) with the promoters of SPL- a going concern, to acquire a 76% stake on a net asset basis.
Time Technoplast (Time Tech) is a multinational conglomerate with operations in Bahrain, Egypt, Indonesia, India, Malaysia, U.A.E, Taiwan, Thailand, Vietnam, Saudi Arabia & USA is a leading manufacturer of polymer products.
