Time Technoplast Ltd has signed a Memorandum of Understanding (MOU) for selling the land and building located in Southern India, along with electrical installation & fixed equipments for a total consideration of Rs. 26.5 crores. This transaction is estimated to be completed before the end of current financial year, after compliance with local authorities.

The company had decided to liquidate all Non-Core Assets by the end of FY 2025, considering the current business plan, and identified certain movable (plant & machinery, moulds, equipment etc.) and immovable (land and building) assets which are currently not in use and not useable in near future. The estimated total realizable value from all these assets put together is around Rs.125 crores (appx).

The company has appointed a Committee as directed by the Senior Management to expedite the sale process. The proceeds from these assets will be partly used for reduction of debt and partly towards expansion of existing established and Value-Added products.