HSIL has received an approval to acquire entire 100% paid up capital of Garden Polymers. The company has received approval for acquisition at its board meeting held on June 08, 2011.
Earlier on June 02, 2011, HSIL has entered into a share purchase agreement (SPA) with Garden Polymers and its promoters to acquire 60% stake in that company. The balance 40% is being bought by the promoter group of HSIL on the same valuation and terms of the SPA. But the board of directors at its meeting held on June 08, 2011 has now decided to acquire entire 100% of the paid up capital on the same terms, conditions and valuation.
Garden Polymers is engaged in the business of manufacturing PET bottles, caps and closures, having plants at Dharwad (Karnataka) and Selaqui (Uttarkhand). It is a leading supplier to premier customers in Liquor, Pharma and FMCG Industry.