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.
