Time Technoplast completes buyout of Bahrain-based company

7 Apr, 2008, 2209 hrs IST, PTI

MUMBAI: Polymer products maker Time Technoplast Ltd on Monday said it has completed the acquisition of Bahrain-based Gulf Power Beat WLL through its subsidiary NED Energy Ltd, Hyderabad.

In this regard, the firm yesterday signed a share purchase agreement with GPW and also completed the necessary formalities, it said in a filing with the Bombay Stock Exchange.

Time Technoplast had announced the buyout of the company on December 27 last year.

It has also taken over the battery manufacturing facility in Bahrain and the production there is expected to commence by end of April, the filing added.

Time Technoplast had earlier said that the total investment in Bahrain project would be USD 10 million over the next three years and would be financed through a mix of equity contribution from NED and overseas debts.

Earlier, the company had said that the acquisition of battery manufacturer GPW was targeted towards enhancing the battery production for NED.

Shares of the company closed at Rs 806.15, up 1.74 per cent, on the BSE.