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TPL acquire majority share holding in Tainwala Polycontainers Ltd

March 21st, 2006 Time Packaging Limited has acquired a 75% stake in Tainwala Polycontainers Ltd. Tainwala Polycontainers Ltd is engaged in manufacture of HM-HDPE drums / barrels - products that are similar to products manufactured and sold by Time Packaging Limited.

Tainwala Polycontainers Limited has a manufacturing facility in Silvassa (U.T.) with an installed capacity of 6,000 million tonnes. In the FY '05-'06 company has achieved turn over and profit after tax of Rs. 428.01 million and Rs. 12.56 million respectively. Based limited review in the first 6 months of the current financial year Tainwala Polycontainers Limited has recorded a turnover and profit of Rs. 275.71 million and Rs. 15.20 million respectively showing increase in the turnover and profit at 36 % & 196 % compared to the corresponding 6 months of the previous financial year. Tainwala Polycontainers Limited has declared interim dividend of 10% in the current financial.

Press Release