On 3rd October 2016, Monday, Manali Petro announced the acquisition of Notedome Ltd, a System House based in UK for a total consideration of about Rs 120 crores. The acquisition was carried out with the help of its UK Subsidiary, AMCHEM Specialty Chemicals UK Ltd.
The acquisition has been done through internal resources and funding from international Banks.
The move will facilitate Manali Petro’s progress in new technologies as well as strengthen the efficiencies of existing systems and its applications. It will impel Manali Petro’s expansion plans, and also play a significant role in augmenting the company’s capabilities in catering to its global customer base and their respective requirements.
It is also expected to strengthen the portfolio specialty and value-added portfolio, which over the years has witnessed a steady growth in demand, added the company.
Ashwin C Muthiah the Chairman of Manali Petrochemicals said that the Company has realized the importance of technology teamed with innovation, which coupled with the leadership and experience we will steer it to expand and further strengthen the value of the stakeholders.
Muthukrishnan Ravi, Managing Director, Manali Petrochemicals, said it is the endeavour of the Company to create a multinational presence through manufacture of value added products. This acquisition will give access to Manali Petro’s products in the UK and the wider European market while extending our product offering in the domestic market. Thus the Company will expand its global customer and product base.
Previously the company had launched an application centre in Chennai a few months back, which focuses on developing as well as bettering systems for Polyurethane applications. Manali Petro had also announced its plans to set up a new application centres in Singapore in the next 8 to 12 months, with further centres expected in Doha and Europe in the near future time.
Notedome, established in 1979, is a System House with more than 30 year of experience, manufacturing Neuthane Polyurethane Cast Elastomers and catering to customers across 45 countries.
Manali Petro share price made a new lifetime high of Rs 42.25 on the back of this news. Currently the share price is trading at Rs 41.25, up by 9.13 per cent.
Get the important support and resistance levels of the share at Manali Petro share price forecast.
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