As part of restructuring its overseas business
Time Technoplast announced that the Company has divested in its Poland subsidiary Novo Tech SP Z.o.o., which is mainly engaged in manufacture of Anti Spray Flaps and some Entrance Mattings to a Poland based private equity fund. This would also include 100% subsidiary of Novo Tech i.e. Grass Tech, Romania with overlapping product range.Nova Tech has been valued at EV approx. Euro 11 million (Equity: 7 million) as against Company's investment of approx. Euro 2 million.
The move is part of restructuring of its overseas business to build further in its core competence and maintaining geographical focus on Asia and MENA region.
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