Essel Propack, through its wholly-owned subsidiaries (Lamitube Technologies, Mauritius and Lamitube Technologies Cyprus), has executed share purchase agreements for the acquisition of Singapore-based Avalon Medical Services Pte and Tacpro Inc based in California, USA.According to a release issued by Essel to the BSE today, the acquisitions are expected to be completed by April 14, 2006."Avalon and Tacpro are in the business of manufacture and sale of medical devices. The transaction envisages acquisition of 100% of the equity capital of Avalon and Tacpro to be completed in two phases: Fist 85% in 2006 (immediately within a fortnight) and the balance 15% after 36 months i.e. in 2009," the release added.
