The company further said that the balance 24% stake in SPL would be retained by its existing shareholders.
Systoverse is engaged in the manufacturing of ISI-certified HDPE pipes and sprinkler systems under the name 'Systo'. The company had recorded turnover of Rs 3.91 crore in FY2024-25.
Time Technoplast (TTL) stated that this acquisition is a part of the company's strategy to strengthen its high-density polyethylene (HDPE) pipe portfolio and drive inorganic growth.
TTL's infrastructure segment generated approximately Rs 280 crore in 9MFY26 compared to Rs 265 crore in 9MFY25, with the PE pipe business forming part of this segment.
The company operates four HDPE manufacturing facilities across India located in Silvassa (UT), Gummidipoondi (Tamil Nadu), Medchal (Telangana), and Amta (West Bengal).
Offering more details about the Systoverse, TTL said that SPL has secured required regulatory and operational approvals, including certification from the Bureau of Indian Standards and product approvals across multiple sizes. The company is also empanelled with Maharashtra Jeevan Pradhikaran.
SPL benefits from concessional corporate tax under Section 115BAB and receives state-level incentives including subsidies on power tariffs, SGST benefits, and interest subsidies. The company operates on leased land and buildings under long-term arrangements.
The proposed acquisition of SPL is expected to create strong synergies and unlocking new growth opportunities, Time Technoplast said in a statement.
Time Technoplast is a global manufacturer of polymer products with operations across multiple countries. Its portfolio spans industrial packaging solutions, lifestyle products, automotive components, infrastructure / construction related products, material handling solutions & composite cylinders.
On a consolidated basis, net profit of Time Technoplast rose 34.10% to Rs 51.04 crore while net sales rose 13.06% to Rs 689.63 crore in Q3 FY26 over Q3 FY25.