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Time Technoplast buys 74% stake in NED Energy
Time Technoplast (TTL), a Mumbai based polymer and industrial packaging product company, has acquired a 74% stake in Hyderabad- based NED Energy, manufacturer of high-technology valve regulated lead acid (VRLA)batteries. The acquisition is valued at Rs. 50 crore.
The promoters of NED will continue to hold the balance 26% stake in the company. “The acquisition will boost NED’s expansion of battery production from 100 million to 300 million ampier hours by the second quarter of 2009. We expect a turnover of Rs. 60 crore from NED this year”. Said TTL MD, Anil Jain. NED’s acquisition is expected to strengthen TTL’s automotive component segment which is worth Rs.80 crore. TTL is tier-I supplier to major automobile OEMs like Ashok Leyland, Tata, Punjab Motors and Eicher.
The synergies between NED and TTL will help contribute to production of the next generation polymer grid batteries. TTL is undertaking business expansion both in India and overseas with special focus on healthcare and auto components.
NED is working closely with premier institutions such as the Indian Institute of Science (IISc), Bangalore and Central Electrochemical Research Institute (CE-CRI), Kariakudi, for enchancing next generation battery technology. NED has a four acre facility with 30,000/- sq.ft built up area in the outskirts of Hyderabad.
- Economic Times
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