Hitech Corporation Ltd. Acquires 100% Stake in Thriarr Polymers for Rs. 30.00 Crores

Hitech Corporation Ltd. has entered into a Share Purchase Agreement (SPA) with the shareholders of Thriarr Polymers for acquisition of 100% of the paid-up share capital on a fully diluted basis. The acquisition does not fall within related party transactions and the promoter/ promoter group do not have any interest in the investee company. The acquisition will add a new product line, enhance the total addressable market of the Company, and improve its international presence. The consideration will be paid in Cash and the acquisition is likely to be completed within 30 days. Thriarr Polymers is a Maharashtra-based company incorporated under the Companies Act 1956 on June 29, 1995, and is engaged in the business of manufacturing electrical, automobile and industrial components, including exports to key international markets in the USA, UAE, Ireland etc. It has two manufacturing facilities at Ahmednagar, Maharashtra. The last 3 years' turnover of Thriarr Polymers is as follows: FY 2023-24 - Rs. 3,460 Lakhs, FY 2022-23 - Rs. 2,523 Lakhs, FY 2021-22 - Rs. 2,354 Lakhs.