Polymer products maker Time Technoplast today said it has entered into an agreement to acquire majority stake in Kompozit-Praha, Czech Republic, for $5.20 million (nearly Rs 25.41 crore).
The company has signed a memorandum of understanding(MoU) which allows it to acquire 70 per cent stake in a composite cylinder manufacturing company, Kompozit-Praha, Time Technoplast said in a filing to the Bombay Stock Exchange (BSE).
Kompozit-Praha was founded by a group of businessmen and aerospace scientists, to produce new generation, low cost, high quality composite cylinder for storing liquefied petroleum gas, the filing added.
