Hotline: 1800 102 2007
Hotline: 1800 102 2007
May, 30 2018

Time Technoplast to get $40 mn from IFC in debt funding

The Mumbai-listed company counts sovereign wealth fund Abu Dhabi Investment Authority as an institutional investor. It was previously backed by Motilal Oswal Private Equity.

Time Technoplast to get $40 mn  from IFC in debt funding

The private-sector investment arm of the World Bank, International Finance Corporation has announced to provide Rs 260 crore ($40 million) to Mumbai based Time Technoplast Ltd in debt funding.

The company will use the money to finance its capital expenditure plans, including those at its existing factories at Daman, Silvassa and Baddi, IFC said in a disclosure.

Time Technoplast makes polymer-based industrial packaging products such as plastic drums, tanks, pails, pallets and intermediate bulk containers. It also makes high-density polyethylene pipes, composite gas cylinders and cross-laminated films.

The company has four co-founders–-Anil Jain (managing director), Bharat Vageria, Raghupathy Thyagarajan and Naveen Jain. It was set up in 1992 and went public in 2007.

Time Technoplast counts Aditya Birla Chemicals, Du Pont, Royal Dutch Shell, Indian Oil, ExxonMobil, Ashok Leyland, Tata Motors, GE, Larsen & Toubro and Nestle among its clients, according to its presentation to investors earlier this month.

The company reported a net profit of Rs 180.4 crore on total income of Rs 3,105 crore for the financial year through March 2018.

The Mumbai-listed company counts sovereign wealth fund Abu Dhabi Investment Authority as an institutional investor. It was previously backed by Motilal Oswal Private Equity.

Apart from providing debt financing, IFC also makes direct private equity-style investments in India across sectors. Besides, it has an active limited partner portfolio in India where it backs private equity and venture capital funds focussed on India.

Among the recent bets on a manufacturing sector company includes Craftsman Automation Pvt. Ltd. IFC plans to provide debt funding of up to $30.7 million (Rs 200 crore) to the Coimbatore-based precision automobile and industrial components maker.

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