Plastic processing company Time Technoplast Ltd is mulling acquisitions in the medical devices business, in line with its plans to increase foothold in the healthcare industry.
The company recently forayed in the healthcare sector through the Genex range of products, which include an upgraded variety of disposable syringes, blood samplers and disposable face masks.
"We now need to consolidate our presence in the healthcare sector and to this end, we are looking at acquiring a mid-sized medical devices company, that has a brand name and world-class quality standard," company Managing Director Anil Jain told PTI in Mumbai.
A cash-reserve entity, Time Technoplast would dole out around Rs 50 crore for the proposed acquisition.
The company currently produces Genex products at its plant in Baddi in Himachal Pradesh.
It had recently acquired its nearest competitor in the large-size plastic drums space.
Industrial packaging contributed close to 60 per cent of our total turnover of Rs 305 crore last year and the acquisition of listed entity Tainwala Polycontainers Ltd would help the company in increasing its turnover to Rs 462 crore in the current year, Jain said.
He said the company also has interests in the auto component segment, lifestyle, construction and consumer packaging areas - all through plastics packaging.
Time Technoplast would also set up a plant in Poland for automotive products targeted at European auto manufacturers, he said.
The company has 11 production facilities across the country with an annual plastic processing capacity of 51,000 tonnes.