Mumbai, May 31
Hitech Plast Ltd, rigid plastics manufacturing company, announced that it has acquired 60 per cent stake in Mipak Group for Rs 5.73 crore.
This acquisition is expected to enable Hitech Plast Limited expand into related areas of activities in the plastics packaging industry, thereby strengthening its position in the industry.
Mipak Group reported revenue of around Rs 25 crore for the financial year ended March 31, 2006.
"After the successful acquisition of Clear Plastics Ltd around 3 years ago, HitechPlast Ltd has been looking for such opportunities to enable it to grow at a rapid pace, capture a larger share of the market and provide its customers with anentire end to end solution under one roof. The Mipak acquisition is a step forward in that process," the company said in a statement quoting Mr Ashok Goyal, Managing Director, Hi Tech Plast.
Announcing its results for the year ended March 2006, Hi Tech Plast said its profit after tax increased by 363 per cent to Rs 5.03 crore as compared to Rs 1.08 crore in the earlier year.
Sales turnover was Rs 83.04 crore.
The Board of Directors has recommended a dividend of Rs 0.80 per share.