It said it decided to buy Unitape as it was engaged in the business of manufacturing fibre re-inforced plastic (FRP) rods. Aksh said FRP rods was also its own main line of business.
Unitape has a production capacity of 2.16 lakhs km of FRP rods per year.
Aksh Opitifibre is acquiring 100% of Unitape and intends to maintain market leadership through this acquisition in the manufacturing of FRP.
The acquisition does not require any governmental or regulatory approvals, Aksh Optifibre said.