Time Technoplast Backs TPL Plastech Merger, Drops Ebullient Acquisition Plan

Board approved in-principle merger of 74.86%-owned TPL Plastech with Time Technoplast, effective from April 1, 2026, subject to approvals and valuation. Board will invest up to Rs 50 Cr for up to 65% of newly incorporated Time Intercontinental through face-value equity subscription over 12 months. Board decided not to proceed with the proposed 74% acquisition of Ebullient Packaging after expiry of the MoU. The merger is intended to consolidate group structure, rationalise manufacturing and product lines, reduce related-party transactions and generate operating synergies. Time Intercontinental will trade polymers and is expected to improve group sourcing through bulk-purchase discounts. The Ebullient decision resolves the previously deferred transaction without financial loss; this is a shift away from the proposed packaging acquisition. Merger swap ratio, valuation, resulting shareholding and dilution remain undisclosed and require further Audit Committee and Board approval. Time Int