VCCircle

Private equity-backed Time Technoplast Ltd (TTL) has acquired a Gulf-based battery manufacturer, Gulf Powerbeat. TTL, the maker of polymer products for consumer packaging industry, had ventured into battery manufacturing by acquiring the Hyderabad-based NED Energy Ltd early this year. The Gulf acquisition has been done through NED. The total investment in Bahrain project is estimated at $10 million over the next three years and would be financed through a mix of equity and overseas debts, the company said.
The acquisition will help NED expand its capacity of battery production from 100 million AH currently to 300 million AH, the company said. GPW has state-of-art production facility at South Alba Industrial Area in Manama, the capital city of Bahrain, for manufacture of high quality Long Life batteries. It is currently owned by a reputed business family of UAE who offered to sell battery business to remain focused on finance and real estate businesses. GPW has installed capacity for telecom batteries of up to 150 million AH with surplus capacity to produce vital battery components of additional 250 million AH.
TTL is backed by Zephyr Peacock and Motilal Oswal Venture Capital, who together invested Rs 38.7 crore early this year. The company's shares are currently trading at Rs 1,035, giving returns of almost 3.75X to the PE investors.