Mumbai, Dec 27 (UNI) In a Rs 19.8 crore (USD 5 million) deal, Time Technoplast (TIME) has acquired Bahrain-based Gulf Powerbeat WLL (GPW)- manufacturer of automotive batteries from Al-Tajir Group of UAE.
The acquisition was carried out through its Hyderabad-based subsidiary NED Energy (NED), where it has a 71 per cent stake, announced a release today.
The total investment in the Bahrain project is estimated at USD 10 mn over the next 3 years, and will be financed through a mix of equity contribution from NED and overseas debts.
This acquisition of GPW will provide NED 'ready to use' capacity, which can be integrated fully with NED's operation in next 3 months, and help meet the increasing demands of 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 second quarter of the fiscal year 2009. Gulf Powerbeat WLL is engaged in manufacturing of automotive batteries from its state-of-the-art facility at South Alba Industrial Area, Manama, Bahrain, and caters to both domestic and export markets, the release added.