Time Technoplast Limited Has Entered A Memorandum Of Understanding (Mou) With Promoters Of Systoverse Private Limited (SPL) For Acquisition Of 76% Stake In SPL
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Time Technoplast Limited has entered a Memorandum of Understanding with promoters of Systoverse Private Limited (SPL) to acquire a 76% stake on a net asset basis. SPL is a Maharashtra-based company engaged in manufacturing ISI-certified HDPE Pipes and Sprinkler Systems under the 'Systo' brand, with an annual capacity of 3,600 Metric Tonnes. SPL's turnover grew from Rs. 22.39 Crores (FY23) to Rs. 26.88 Crores (FY24), with FY25 turnover at Rs. 3.91 Crores (likely partial year). The acquisition is subject to due diligence and will be funded through cash consideration. This transaction is not a related party transaction and aligns with TTL's strategy to strengthen its HDPE Pipe portfolio and expand into Maharashtra, where SPL has BIS certification and empanelment with Maharashtra Jeevan Pradhikaran.
The acquisition provides TTL geographic expansion into Maharashtra and additional manufacturing capacity of 3,600 MT annually, potentially boosting its infrastructure/PE Pipe segment revenue which stood at Rs. 280 Crores in 9MFY26. The deal is positive for shareholders as it strengthens TTL's market position in the pipes segment with established regulatory approvals and state incentives.