Hitech Corporation Limited has announced the acquisition of Thriarr Polymers Private Limited, a Mumbai-based manufacturer of electrical, automobile, and industrial components, including exports to key international markets such as the USA, UAE, and Ireland. The acquisition, valued at up to INR 30 crore, will be executed through a cash transaction and is expected to be completed within 30 days.
Strengthening Market Presence
Thriarr Polymers, incorporated on June 29, 1995, operates two manufacturing facilities in Ahmednagar, Maharashtra, and has established a strong presence in both domestic and international markets. For the financial year ending March 31, 2024, the company reported a turnover of ₹3,460 lakh, marking a steady increase from INR 2,523 lakh in FY 2022-23 and INR 2,354 lakh in FY 2021-22.
Hitech Corporation’s acquisition of Thriarr Polymers aligns with its strategy to expand its product portfolio and enhance its total addressable market. The deal is expected to bolster Hitech’s international presence and add a new product line to its operations.
Key Details of the Acquisition
- Nature of Transaction: The acquisition does not fall under related party transactions, and neither Hitech’s promoter group nor its group companies have any prior interest in Thriarr Polymers.
- Regulatory Approvals: No governmental or regulatory approvals are required for the acquisition.
- Stake Acquired: Hitech Corporation will take over 100% ownership of Thriarr Polymers.
Strategic Impact on Hitech Corporation
The acquisition positions Hitech Corporation for stronger international growth and diversification, particularly in the manufacturing and export of industrial components. With a strengthened foothold in key global markets, the company aims to leverage Thriarr Polymers’ existing capabilities to scale its operations further.
The transaction is expected to be completed by the end of March 2025, further solidifying Hitech Corporation’s position in the manufacturing sector.