Time Technoplast eyeing new acquisition

Kolkata, May 17 (UNI) Time Technoplast Ltd, a leading polymer company, is eyeing new acquisition of polymer companies in South East Asia region through its joint venture partner Mauser Asia Holding PTE in Singapore.

The company today also announced to raise money from the market through an IPO to fund its expansion plans.

Speaking at a press conference here, independent Director of the company Sanjaya Kulkarni said the company has 49 per cent in Mauser Asia Holding PTE and was trying to acquire companies for expansion of its business in the SE region.

However, he refused to name the companies with which Time Technoplast was in talks.

'' We have recently acquired 92 per cent stake in Pact Delta which is a Cairo based company, '' he said adding the company was bullish to expand its reach in overseas markets.

'' In Sharjah (UAE) we are setting up a production facility in Sharjah Airport Free Trade Zone through our 100 per cent subsidiary ELan Incorporated FZE for production of packaging and lifestyle products, '' he said.

According to Mr Kulkarni, Shrjah has access to neighbouring countries like Saudi Arabia and Oman. The unit would be located at SAIF zone and would enjoy 100 per cent corporate tax and income tax exemption.

The company was planning to set up another factory in Poland through its 100 per cent subsidiary Novo Tech Sp.Z.o.o for setting u a production facility to manufacture auto components and some lifestyle products.

'' We can access the entire European market, including the UK, France, Germany, Czech Republic, from this factory as the factory site is only 100 kms away from Berlin, '' he said.

UNI