Mumbai-based polymer products manufacturer Time Technoplast Ltd has sold its Poland-based subsidiary Novo Tech SP Z O.O. to an unnamed Polish private equity fund at an enterprise value of €11 mln (US$12 mln), according to a stock market disclosure. The divestment also includes Novo Tech's wholly-owned subsidiary GrassTech, Romania. The equity value of the deal stands at €7 mln (US$7.8 mln). Novo Tech manufactures anti spray flips and entrance mattings. It has two divisions - lifestyle products and auto component offerings. GrassTech makes products like clear pass spray suppression flaps for commercial vehicles, astroturf entrance matting, astroturf grand prix, astroturf snow sports surfaces and astroturf poultry pads for the poultry industry.
09-Jun-15 
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