Hitech Corporation Limited — Important, 13-11-2024: Updates

Hitech Corporation Limited has announced a board meeting to approve the acquisition of up to 100% of Thriarr Polymers Private Limited. Thriarr Polymers specializes in manufacturing electrical, automotive, and industrial components, with a reported turnover of Rs. 34.60 crore for FY 2023-24. The acquisition aims to diversify Hitech’s product offerings and expand its international footprint, enhancing its total addressable market. The deal is expected to be completed within three months, with a cash consideration of up to Rs. 30 crore, with no related party transactions involved. This move could present a positive outlook for the company as it strengthens its operational capabilities and market presence. Investors are advised to watch closely for developments surrounding this acquisition.