Time Technoplast Ltd has acquired 100% stake in Bahrain-based battery manufacturer Gulf Powerbeat WLL (GPW) for $10 million. The acquisition was made by the Mumbai-based company through its Hyderabad subsidiary NED Energy (NED) and the total investment will be financed through a mix of equity contribution from NED and raising debt overseas, an official release said.

GPW, Bahrain has installed capacity for telecom / automotive batteries of up to 150 mn AM with surplus capacity to produce vital battery components (grids and Lead plates) of additional 250 mn AH.

This acquisition of Gulf Powerbeat shall provide NED Energy 'ready to use' capacity which could be integrated fully with NED's operation in the next three months.

Time Technoplast Ltd. (TTL) (formerly Time Packaging Ltd.) offers a range of technology based polymer products catering to the growing sectors of the Indian economy with Industrial and Consumer Packaging Solutions, Lifestyle Products, Auto Components, Healthcare Products and Construction / Infrastructure related products. TTL’s product portfolio consists of packaging products including Drums / Containers, Pails, PET sheets, Entrance Mattings, Turfs, Garden Furniture, Automotive Components, Auto Disabling Medical Disposables and Warning Nets.

Time Technoplast has entered into the battery business early this year through acquisition of NED Energy Ltd - Hyderabad based Company, manufacturing Valve Regulated Lead Acid (VRLA) batteries mainly for high growth telecom sector

The firm presently holds market cap worth Rs. 2050 crore. The firm has registered a net profit of Rs 26 crore for the quarter ended September 2007. The firm expects its net profit to touch Rs 75 crore for the year-ending March 2008.

The stock closed today at Rs. 980 on BSE, up by 3% with previous close of Rs. 953. It touched 52-week high of Rs. 1064 and low of Rs. 954 during intraday trading.