Hitech Corporation Acquires Thriarr Polymers to Expand Manufacturing and Global Reach
Hitech Corporation Limited is set to expand its market reach with the acquisition of Thriarr Polymers Private Limited. On February 24, 2025, the company announced that it had entered into a Share Purchase Agreement (SPA) to acquire 100% of Thriarr Polymers’ paid-up share capital. Upon completion of the transaction, Thriarr Polymers will become a wholly-owned subsidiary of Hitech Corporation Limited.
About the Acquisition
Target Company:
Thriarr Polymers Private Limited, a leading manufacturer of electrical, automobile, and industrial components, serves both domestic and international markets, including the USA, UAE, and Ireland.
Financial Performance:
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FY 2023-24: Rs. 3,460 lakhs
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FY 2022-23: Rs. 2,523 lakhs
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FY 2021-22: Rs. 2,354 lakhs
Strategic Benefits of the Acquisition
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Diversification: Introduces a new product line to Hitech Corporation’s portfolio.
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Market Expansion: Enhances the company’s total addressable market.
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Global Presence: Strengthens international operations through existing export channels.
Key Transaction Details
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Nature of Transaction: Not a related party transaction; no promoter group interest in Thriarr Polymers.
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Industry: Manufacturing, focused on electrical, automobile, and industrial components.
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Regulatory Approvals: No governmental or regulatory approvals required.
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Completion Timeline: Expected to be finalized within 30 days.
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Consideration: Cash transaction not exceeding Rs. 30.00 crores.
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Ownership: Hitech Corporation Limited will hold 100% shareholding post-acquisition.
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Company Background: Founded on June 29, 1995, Thriarr Polymers operates two manufacturing facilities in Ahmednagar, Maharashtra.