After Poland, Time Technoplast sells stake in Chinese JV, buys out partner in Egypt

03-Jul-15
Mumbai-based polymer products manufacturer Time Technoplast Ltd divested 50% of its holding in a JV with a Chinese partner in South China in a deal valued at around US$1.3 mln. The company had set up a 50:50 JV - Fanshun Elan Plastech Co Ltd - with Chinese partner Shanghai Fanshun Packaging Co Ltd to set up a facility to manufacture of (IBCs) at Guangzhou in 2011. Since the JV had fallen short of expectations in growth and profitability, the company has decided to sell its 50 per cent equity to Mauser," it said. Cased in Germany, Mauser develops, manufactures and markets industrial packaging solutions and has production and reconditioning locations in EMEA, North America, South America and the Asia Pacific. Meanwhile, Time Technoplast has as also acquired 50% equity stake in a joint venture named Nile Egypt Plastech Industries S.A.E in Egypt for US$9,00,000, as per a stock market disclosure. The Indian firm had set up a 50:50 JV with local partner in Egypt for manufacture of drums, jerrycans and pails at Suez in Egypt. "The local partner desires to focus on its other business. Pursuant to the company's preference for 100 per cent ownership to drive growth, we offered to purchase balance 50 per cent equity held by the local partner at $9,00,000 as against the investment of US$6,00,000 which has since been agreed upon by both sides," it said in the disclosure. The move will help the packaging company to grow in Egypt and also prepare for its entry into large packaging market in West Africa when investment is favourable. Post transaction, Nile Egypt Plastech Industries will operate as subsidiary of Time Technoplast.
  More News  Post Your Comment
{{comment.Name}} made a post.
{{comment.DateTimeStampDisplay}}

{{comment.Comments}}

COMMENTS

0

There are no comments to display. Be the first one to comment!

*

Name Required.

*

Email Id Required.

Email Id Not Valid.

*

Mobile Required.

Email ID and Mobile Number are kept private and will not be shown publicly.
*

Message Required.

Click to Change image  Refresh Captcha