Time Technoplast acquires 100% shareholding in GPW

New Delhi, Dec 27: Time Technoplast Ltd (TTL) today said it has acquired Bahrain-based Gulf Powerbeat WLL (GPW), through its Hyderabad subsidiary NED Energy Ltd (NED), GPW has state-of-art production facility at South Alba Industrial Area, Manama, Bahrain for manufacture of high quality Long Life batteries.

The company had entered into the battery business early this year through acquisition of NED Energy Ltd, Hyderabad-based company, manufacturing Valve Regulated Lead Acid (VRLA) batteries mainly for the telecom sector.

GPW, Bahrain has installed capacity for telecom and automotive batteries of up to 150 million AM with surplus capacity to produce vital battery components (grids and Lead plates) of additional 250 million AH. NED plans to tap GCC market for automotive batteries and bring additional components into India to augment the capacity of its Hyderabad plant from 100 million AM to 200 million AM in the first phase.

The total investment in Bahrain project is estimated at 10 million dollar over the next three years and shall be financed through a mix of equity contribution from NED and overseas debts. UNI