Polymer-based product maker Time Technoplast has acquired two companies, one in India and the other in Taiwan.
Time Technoplast bought a 60% stake in Bangalore-based Power Build Batteries for about $2,356,475. This company makes solar batteries and batteries for power plant equipment and locomotives.
Time Technoplast is also completing the formalities for the acquisition of 90% in a Taiwanese industrial packaging company.
Time Technoplast managing director Anil Jain said we will be paying $16m and the deal will be concluded this month.
Jain said Time Technoplast plans to continue its inorganic growth plan by acquiring two more companies. “We are in talks with two companies, in central Europe and in south-east Asia. We will be paying about $20 million for them,” he said.
Industrial packaging is one of five businesses Time Technoplast is actively into while the others being auto components, lifestyle, healthcare and infrastructure products like pipes. As part of packaging, the company makes drums and containers.