Time Techno buys 2 companies, eyes 2 more

Polymer-based product maker Time Technoplast, which has just acquired two companies — one in India and the other in Taiwan — hopes to ink two more deals this fiscal, managing director Anil Jain said.

Time Technoplast last week bought a 60% stake in Bangalore-based Power Build Batteries for about Rs11 crore. The company makes solar batteries and batteries for power plant equipment and locomotives.

Time Technoplast is also completing the formalities for the acquisition of 90% in a Taiwanese industrial packaging company.

“We will be paying $16 million (about Rs75 crore) and the deal will be concluded this month,” said Jain, refusing to name the company, which has annual revenues of $20 million (Rs94 crore).

Jain added that the acquisition would give Time Technoplast a strong footing in the east-Asian market.

Jain said Time Technoplast plans to continue its inorganic growth plan by acquiring two more companies. “We are in talks with two companies, in central Europe and in south-east Asia. We will be paying about $20 million for them,” he said. He added that the deals would hopefully be completed this fiscal.

While the European company is into auto components, the south-east Asian firm is in the industrial packaging space.

“We will fund the acquisitions through a mix of debt and internal accruals,” Jain said.

Time Technoplast had bought a Czech company and a Thai firm in 2009 for $8.2 million.

Industrial packaging is one of five businesses Time Technoplast is in — the others being auto components, lifestyle, healthcare and infrastructure products like pipes. As part of packaging, the company makes drums and containers, among others.

For the quarter ended June 30, Time Technoplast’s standalone revenues rose from Rs146 crore from a year earlier to Rs177.32 crore and net profit increased from Rs14.86 crore to Rs16.08 crore.