Chennai, Sept 18: AMCHEM, Singapore, the wholly owned subsidiary of petrochemical manufacturer Manali Petrochemicals Ltd, would continue to explore further opportunities to enhance its global presence.
AMCHEM Singapore, reported total income of USD 20.22 million (Rs 153.31 crore) and the profit for the year was USD 0.43 million (USD 3.22 crore), chairman Ashwin Muthiah said.
“AMCHEM, Singapore continues to explore further opportunities for acquisition of overseas facilities for enhancing MPL’s global presence and also has interests in trading, transaction facilitations, business and project consultancy,” he said in the company’s latest annual report.
According to him, AMCHEM Singapore had set up AMCHEM Speciality Chemicals UK Limited, United Kingdom as its wholly owned subsidiary, which completed the acquisition of Notedome Ltd through equity contributions from its holding company and bank loans.
AMCHEM UK and Notedome are the step down subsidiaries of Manali Petrochemicals Ltd.
AMCHEM, UK has informed the company that based on professional advice, under a scheme of Group reorganisation it has stopped activities from April 1 and on due liquidation later during FY-2022-23, its net assets would be transferred to AMCHEM Singapore.
“Once this is done Notedome will become the direct subsidiary of AMCHEM, Singapore, but there will be no change in the control of Manali Petrochemicals over Notedome in view of AMCHEM, Singapore continuing to be the direct wholly owned subsidiary of Manali Petrochemicals Ltd”, the report said.
Set up in 1979, Notedome has for more than 30 years been manufacturing neuthane polyurethane cast-elastomers catering to customers of over 45 countries.
The neuthane polyurethanes were used in diverse range of industries and applications in the automotive sector for anti-roll bar, suspension and shock bushes for buses, trucks among others, the report said. (PTI)
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