ELAN Incorporated FZE, wholly owned subsidiary of Time Technoplast Limited, is pleased to announce the incorporation of Elan Steel Container (FZC) in Sharjah, UAE.
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Time Technoplast's wholly owned subsidiary ELAN Incorporated FZE has set up a new step-down subsidiary called Elan Steel Containers (FZC) in the Sharjah Airport Free Zone (SAIF Zone), UAE. Elan Incorporated FZE holds 90% of the new entity, with a share capital of AED 150,000 and a cash investment of AED 135,000. The new unit will set up a greenfield metal drum manufacturing facility aimed at serving chemical, petroleum, solvent, and construction sector customers in the Middle East. The group already operates in Sharjah, Bahrain, Saudi Arabia, and Egypt, and forecasts over 15% annual volume growth in the region for the next three years. Time Technoplast currently operates in 11 countries and holds a leadership position in 8 markets.
This expansion strengthens Time Technoplast's presence in a fast-growing Middle East market and adds steel drum manufacturing to its existing polymer packaging portfolio, potentially boosting future revenue. For shareholders, it signals continued international growth focus, though the small initial capital outlay means financial impact will be gradual.