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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