 "Clear Mipak Packaging to merge with Hitech Plast")
Hitech Plast Ltd, the Mumbai-based plastic containers manufacturer, will merge its subsidiary Clear Mipak Packaging Solutions Ltd with itself. The decision was taken by the Board of Directors of Hitech Plast Ltd at its meeting held on November 12, 2014. The merger is subject to the approval of stock exchange, SEBI, shareholders and High Court and compliance of other applicable statutory provisions in this regard, said the Hitech Plast BSE filing. Clear Mipak Packaging Solutions is engaged in manufacturing of plastic containers for paints, FMCGs, chemicals, agrochemicals, lubricants etc.
Hitech is one of India’s leading rigid plastics packaging manufacturers catering to industries such as paint, personal care, agrochemicals, health care, confectionary, lube and retail household products. With 13 plants across the country, it is the largest manufacturer of paint pails/containers.
Meanwhile, Hitech Plast has reported a consolidated total income from operations of Rs 136.92 crore for the second quarter in 2014-15 – up by 16.65 percent compared to Rs 117.38 crore in the quarter ended September 2013. Net profit was also up 66.89 percent to Rs 2.47 crore during Q2 of 2014-15 compared to last year’s Rs 1.48 crore.
Hitech is one of India’s leading rigid plastics packaging manufacturers catering to industries such as paint, personal care, agrochemicals, health care, confectionary, lube and retail household products. With 13 plants across the country, it is the largest manufacturer of paint pails/containers.
Meanwhile, Hitech Plast has reported a consolidated total income from operations of Rs 136.92 crore for the second quarter in 2014-15 – up by 16.65 percent compared to Rs 117.38 crore in the quarter ended September 2013. Net profit was also up 66.89 percent to Rs 2.47 crore during Q2 of 2014-15 compared to last year’s Rs 1.48 crore.