Chennai-based petrochemical company Manali Petrochemicals said on Monday it has acquired UK-based System House Notedome Ltd for about Rs 120 crore ($18mn).
The acquisition will help the company upgrade its technologies, strengthen its specialty and value-added products portfolio, and expand its global customer base, Manali Petrochemicals said in a statement.
“This acquisition will give access to Manali Petrochemicals’ products in the UK and the wider European market while extending our product offering in the domestic market. Thus we will expand our global customer and product base,” said Muthukrishnan Ravi, managing director, Manali Petrochemicals.
The company, which was founded in 1986, made the acquisition through its UK subsidiary, AMCHEM Speciality Chemicals UK Ltd. The acquisition was funded through internal resources and funding from international banks.
Notedome, which was established in 1979 and has presence in 45 countries, is a System House. It manufactures neuthane polyurethane cast elastomers, which are used in a range of industries including automotive and agriculture sectors.
Manali Petrochemicals develops products that find application in a variety of industries such as appliances, automotive, bedding, food & fragrances, furniture, footwear, paints and coatings, and pharmaceuticals.
The Indian company launched an application centre in Chennai a few months back, which focuses on developing and bettering systems for polyurethane applications.
It plans to set up new application centres in Singapore in the next 8-12 months, the statement said. Centres in Doha and Europe in the near future are also expected.
Early in September, the company said its board has approved an additional investment up to $15 million in AMCHEM Speciality Chemicals Pvt Ltd, Singapore, the wholly-owned subsidiary of the company for potential acquisition of an overseas System House.
Shares of Manali Petrochemicals were trading at Rs 38.05 a piece, up 17.26% on the BSE in a strong Mumbai market.
By Joseph Rai
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?