Time Technoplast signs MoU to acquire 76% stake in Systoverse Pvt Ltd
Time Technoplast Ltd (TTL) has signed a Memorandum of Understanding (MoU) to acquire a 76% stake in Systoverse Private Limited (SPL), a Maharashtra-registered company. This strategic move aims to strengthen TTL's High-Density Polyethylene (HDPE) pipe portfolio and drive inorganic growth. The acquisition will establish TTL's operational presence in Maharashtra, leveraging SPL's existing regulatory approvals, Bureau of Indian Standards (BIS) certification, and empanelment with Maharashtra Jeevan Pradhikaran (MJP). SPL also benefits from a concessional 15% corporate tax rate under Section 115BAB and various state subsidies, including power tariff, SGST, and interest subsidies, which will continue post-acquisition. The deal is subject to customary due diligence.
Key Highlights
- TTL to acquire 76% stake in Systoverse Private Limited via MoU.
- Strengthens HDPE pipe portfolio and expands market presence in Maharashtra.
- SPL benefits from 15% corporate tax rate and state subsidies.
- Acquisition includes existing regulatory approvals and long-term lease.
- Aims for inorganic growth and enhanced cost efficiencies.