Astral Poly Technik Limited has decided to enter into the business of manufacturing and trading of plastic water storage tanks and add new capacity, with a total investment not exceeding Rs75cr.
Further, as a part of the Company’s strategy to enter into plastic water storage tank business, the Company on Wednesday executed a framework agreement to identify the assets that it intends to acquire from M/s Shree Prabhu Petrochemicals Pvt. Ltd. and other parties at Aurangabad, Maharashtra, where the assets inter alia shall include land, building, machineries, stock, and certain intangible assets such as trademark and goodwill, which shall be acquired under separate arrangements to be executed for each asset including delivery.
The consideration for each of the assets shall be determined at the time of acquisition of such assets where the proposed aggregate consideration to be paid for all such assets taken together is not likely to exceed Rs51cr. However, this may undergo change subject to further valuation exercise and other price adjustments as agreed between the parties.
The company is also adding new capacity of Plastic Storage Tanks at its existing unit in Gujarat and will commission Production in Q-4 of current financial year.
At around 9.58 am, Astral Poly Technik Ltd was trading at Rs1,475.25 per piece up by Rs23.65 or 1.63% from its previous closing of Rs1,451.60 per piece on the BSE.
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