Time Technoplast acquires 74 pc stake in NED

Mumbai, Oct 1: Mumbai-based polymer producer Time Technoplast has acquired 74 per cent stakes in Hyderabad-based NED Energy Limited for approximately Rs 70 crore.

NED, which is engaged in the manufacture of high technology Valve Regulated Lead Acid (VRLA) batteries, is working closely with premier institutions like Indian Institute of Science (IISC), Bangalore and Central Electrochemical Research Institute (CECRI), Karaikudi, said a statement today.

Time Technoplast, which is listed both in BSE and NSE, has operations in sectors like packaging, lifestyle, healthcare, automotive and construction products.

The company had achieved record turnover of Rs 456.9 crore in last fiscal .

NED had commenced their operations in 2001 in Hyderabad to produce and supply cost effective, reliable, most advanced technology based batteries for industrial and automotive applications, company said.

UNI