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Time Technoplast To Acquire Majority Stake in Czech Company

04 September, 2009

Polymer products maker Time Technoplast today said it has entered into an agreement to acquire majority stake in Kompozit-Praha, Czech Republic, for $5.20 million. 

 

The company has signed a memorandum of understanding(MoU) which allows it to acquire 70 % stake in a composite cylinder manufacturing company, Kompozit-Praha, Time Technoplast said in its communique to the Bombay Stock Exchange (BSE). 

Kompozit-Praha was founded by a group of businessmen and aerospace scientists, to produce new generation, low cost, high quality composite cylinder for storing liquefied petroleum gas, the filing added.

Time Technoplast raised Rs 38.75 crore ($9.5 million) investment from private equity funds Zephyr Peacock and Motilal Oswal Venture Capital Advisors in 2007.

 


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Time Technoplast To Acquire Majority Stake in Czech Company

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