The agreement has been signed by the company's subsidiaries, Lamitube Technologies Ltd, Mauritius and Lamitube Technologies in Cyprus, subject to fulfillment of certain conditions, it informed the Bombay Stock Exchange.
Avalon and Tacpro are in the business of manufacture and sale of Medical Devices. The acquisition is expected to be completed by April 14, it said.
The acquisition of 100 per cent of the equity capital of Avalon and Tacpro, would be completed in two phases. In the first phase, the company would acquire 85 per cent of Avalon and Tacpro's shares during the current year and the balance 15 per cent shares to be acquired in the second phase after 36 months, it added.
"Medical Devices arena is our new and third horizon, after Laminated Tubes and Plastic Tubes. Our objective is to leverage our knowledge of polymers and polymer processing so as to add a new dimension to our business. While it offers endless opportunities and potential for growth, it is in sync with our knowledge and capabilities, strengths and core competence of both Essel Propack and Tacpro," Essel Vice Chairman and Managing Director Ashok Goel said.
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