Mumbai: Polymer products maker Time Technoplast Ltd said on 27 December it has acquired Bahrain-based Gulf Powerbeat WLL (GPW) through its subsidiary NED Energy Ltd (NED), Hyderabad.
Earlier this year, the company had entered into the battery business through the acquisition of NED, Time Technoplast said in a communique to the Bombay Stock Exchange.
The acquisition of battery manufacturer GPW is targeted to wards enhancing the battery production for NED, which is tripling its present capacity from 100 mn AH to 300 mn AH, the company said.
“GPW shall provide NED ‘ready to use’ capacity which could be integrated fully with NED’s operation in next three months,” it said.
GPW has installed capacity for telecom batteries of up to 150 mn AH with surplus capacity to produce vital battery components of additional 250 mn AH.
The total investment in Bahrain project is estimated at $10 mn over the next three years and would be financed through a mix of equity contribution from NED and overseas debts, Time Technoplast said.
Shares of the company were at Rs1,035.10, up 8.67% in morning trade on the BSE.