Time Technoplast Ltd (TTL) has announced the completion of acquisition of 100% shareholding in Gulf Powerbeat WLL, (GPW) a state-of-the-art manufacturing facility Located in Kingdom of Bahrain - through its subsidiary (71%) NED Energy Ltd. (NED), Hyderabad.

TTL entered in the battery business in the last financial year through the acquisition of NED Energy Ltd- Hyderabad based Company, manufacturing Valve Regulated Lead Acid (VRLA) batteries mainly for high growth telecom sector.

Further, the company has signed the necessary "Share Purchase Agreement" with the "Sellers" of "GPW" at Dubai and completed the necessary formalities for completion of the acquisition. Consequently, it has taken over the possession of the battery manufacturing facility located at South Alba Industrial Area, Manama, Bahrain.

The production at this 'ready to use' facility is expected to commence by end of April'08.

The shares of TTL closed today at Rs 806 on BSE, up 2% compared with previous close of Rs 792. It touched an intraday high and low of Rs 826 and 780.