Hitech Corporation is India’s packaging partner to the country’s biggest paint-maker - a relationship that began when its founder pioneered the shift from metal to plastic paint containers and has since defined the company’s entire approach. Over three decades, it has grown from that single innovation into a technology-driven rigid-plastics manufacturer with 13 plants, more than 1,200 product designs, and a customer list that now stretches well beyond paints into chemicals, food, personal care and automotive components. The recurring pattern is visible in everything it does: pick a demanding industrial customer, build deep in-house capability - mould design, multi-process manufacturing, decoration - around their exact needs, and then extend that toolkit to the next sector. # Business segments A single rigid-plastics engine, run end-to-end from concept to decorated container, with a small components subsidiary and a US marketing outpost bolted on. ## 1. Rigid plastic packaging: the factory that fills India’s paint cans **One customer - Asian Paints - buys the majority of output, and that anchor load funds the precision tooling and multi-plant network that now serves over 2,000 other clients across a dozen industries.** - **End-to-end under one roof** - the company takes a container from concept through digital rendering, 3D prototyping, in-house mould fabrication, production, decoration and dispatch, so it controls quality and lead time without relying on outside toolmakers. Its DSIR-accredited Technology Centre in Pune has created over 500 mould designs using advanced simulation software, and all developments in the three years to FY22 were done indigenously with no imported technology. - **Every moulding process on site** - the 13 factories run injection moulding (caps, closures, thin-wall containers), extrusion blow moulding (bottles, jars, drums up to 250 litres), injection blow moulding and injection stretch blow moulding (bottles and jars) and stretch blow moulding, so a customer needing multiple container types gets them from a single supplier. The newer Dahej plant, commissioned in March 2024, specialises in large 50-to-250-litre chemical barrels using three-layer extrusion blow moulding with central material handling. - **Decoration as a differentiator** - the company was the first in India to introduce dry-offset printing on plastic containers in 1994, and today offers in-mould labelling, heat-transfer labelling, shrink sleeves, hot-foil stamping, screen printing and metallizing, which lets brand owners put shelf-ready graphics directly onto the pack without a separate labelling step. It recently added 360-degree heat-transfer labelling and extrusion-blow-moulding with in-mould labelling for personal care, both described as first-of-their-kind in the market. - **Raw-material pass-through keeps margins steady** - the primary inputs are polymer resins (PET, PP, HDPE) whose prices swing with crude oil, so the company contracts with customers to pass through those fluctuations, insulating operating profit from commodity cycles. It also runs a multi-pronged supply strategy: alternate vendor development across geographies, safety-stock buffers, and multi-layer machines that can incorporate recycled polyolefins to reduce virgin-polymer dependence. ## 2. Thriarr Polymers: a small thermoset foothold in electrical and auto components **Acquired in FY25, this wholly owned subsidiary makes switchgear parts, kitchenware and automotive components for global names like Vertiv and Schneider, adding a non-packaging revenue stream with export reach.** - **Bought, not built** - Hitech acquired 100% of Thriarr Polymers for a cash consideration not exceeding ₹30 crores, gaining two plants in Ahmednagar, Maharashtra, and a business that has been operating since 1977. The acquisition was approved by the Board on November 13, 2024, and a share purchase agreement was signed on February 24, 2025, and it was not a related-party transaction. - **Different materials, different customers** - Thriarr works in thermoset components, a material set distinct from the parent’s packaging resins, and supplies electrical, automotive and industrial buyers including exports to the USA, UAE and Ireland. That gives the group a small but genuine diversification away from packaging and away from the domestic market. ## 3. Hitech Global: a Delaware listening post **Incorporated in April 2024, this wholly owned US subsidiary is a marketing and scouting arm, not a manufacturing operation - its job is to find American customers and bring back technology leads.** - **One-person bridgehead** - capitalised with an initial USD 100,000 for 200 shares, the subsidiary is run by the Managing Director, Mr. Malav Dani, as President, and its stated objects include identifying US clients for Indian-made products, sourcing new goods, exploring manufacturing-technology upgrades, and conducting R&D on sustainable materials for the circular economy. - **No revenue engine yet** - the entity is a cost centre designed to open a channel to the American market and to feed design and material innovations back to the Indian plants, consistent with the company’s pattern of building capability before chasing volume. # Group structure and partners **The promoter group holds nearly three-quarters of the equity and has initiated a voluntary delisting, while the operating structure is a simple parent with two small wholly owned subsidiaries.** - The company was incorporated in 1991 as Hitech Corporation and later renamed Hitech Corporation Limited (formerly Hitech Plast Limited); its shares have been listed on the BSE since 1993 and on the NSE since 2007. - The two wholly owned subsidiaries are Thriarr Polymers Private Limited (thermoset and thermoplastic components, two plants in Ahmednagar) and Hitech Global Inc (US marketing arm, Delaware) - neither qualifies as a material subsidiary under SEBI rules. - Historical acquisitions and mergers built the technology base: a 51% stake in Multitech Plast Containers in 2001 (merged in 2005), shares in Clear Plastics Group in 2003 (blow-moulding expertise), shares in Mipak Polymers in 2006 (injection-stretch-blow-moulding expertise), and the merger of Clear Mipak Polymer Solutions in 2015. Some property titles still sit in the name of the merged entity and are being transferred. - CSR is routed through the Sab Ka Mangal Ho Foundation, a not-for-profit established in 2016 that runs healthcare drives, natural-resource programmes, yoga and value-based education at orphanages.