Time Technoplast divests Polish subsidiary Novo Tech

Time Technoplast Ltd, the Mumbai-based manufacturer of polymer products, has divested in its Poland subsidiary Novo Tech SP, which is mainly engaged in manufacture of anti-spray flaps and some entrance mattings, to a Poland based private equity fund. The deal also includes Grass Tech, the Romania-based wholly-owned subsidiary of Novo Tech, with overlapping product range.
 
Nova Tech has been valued at approximately Euro 11 million as against company's investment of approximately 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,” said Time Technoplast in a BSE filing.