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Acquisition of Bahrain based battery manufacturing Company
Time Technoplast Ltd (TTL) announces acquisition of 100% shareholding in Gulf Powerbeat WLL (GPW), Kingdom of Bahrain - through its subsidiary (71%) NED Energy Ltd (NED), Hyderabad. GPW has state-of-art production facility at South Alba Industrial Area, Manama, Bahrain for manufacture of high quality long life batteries. It is currently owned by a reputed business family of UAE who offered to disinvest in battery business to remain focused on their large size projects in the area of finance and real estate, etc.
TTL entered into the battery business early this year through acquisition of NED Energy Ltd - Hyderabad based company, manufacturing Valve Regulated Lead Acid (VRLA) batteries mainly for high growth telecom sector. NED has successively increased its capacity in FY '07 and FY '08 (present day capacity 100 mn AH) and is completely sold out on its present capacity.
To meet the huge demand of its products and to further bring new products for the fast growing automotive sector, NED is tripling its present capacity from 100 mn AH to 300 mn AH through project expansion at Jammu (J&K) which is expected to come on stream by Q2 - FY'09. This acquisition of GPW shall provide NED 'ready to use' capacity which could be integrated fully with NED's operation in next 3 months.
GPW, Bahrain has installed capacity for telecom / automotive batteries of up to 150 mn AH with surplus capacity to produce vital battery components (grids and lead plates) of additional 250 mn AH. NED plans to tap GCC market for automotive batteries and bring additional components into India to augment the capacity of its Hyderabad plant from 100 mn AH to 200 mn AH in the first phase.
The total investment in Bahrain project is estimated at US$ 10 mn over next 3 years and shall be financed through a mix of equity contribution from NED and overseas debts.
About Time Technoplast Limited - TIME is a leading technology based, innovative polymer product company, servicing growth sectors of Indian economy such as Packaging, Lifestyle, Healthcare, Automotive & Construction Products. Mumbai based TIME is a listed entity on BSE and NSE (public issue in May '07) and had recorded a turnover of Rs. 4.569 billion in FY '07. The Company is undertaking business expansion both in India and overseas in chosen verticals with special focus on healthcare and auto components.
About NED Energy Limited - Promoted by a group of Technocrats, NED commenced operations in 2001 at Hyderabad, for manufacture of high technology Valve Regulated Lead Acid (VRLA) batteries for industrial and automotive applications. Working closely with India's premier institutions; Indian Institute of Science (IISC), Bangalore and Central Electrochemical Research Institute (CECRI), Karaikudi, NED has designed, developed and innovated corrosion resistant, high performance, long life batteries with much improved energy density and cyclic life most suited for harsh Indian environment - high temperatures and prolonged power failures. Through its association with above premier institutions, NED is in the process of getting 5 patents as co-inventor with an exclusive right for commercial exploitation of these innovations. Besides several accreditation's and approvals, NED has presented well acclaimed technical papers in international journals and won standing ovation for its technologies in the 9th &10th European Lead Acid Battery Conferences at Berlin & Athens respectively NED enjoys quality leadership for its batteries in telecom sector under well established brand 'MAXLIFE' and has been accredited with ISO 9001:2000 and ISO 14001:2004 by TUV Suddeutschland and its products are duly approved by Dept of Telecommunications (DOT), Govt. of India.
NED is currently supplying its products to the top players in Telecom sector such as Bharti Airtel, BSNL, Vodafone, Nokia, Erricson, Idea Cellular, etc.
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