Manali Petrochemicals Restructures Portfolio with Notedome Sale

Manali Petrochemicals Ltd divests Notedome Ltd to C.O.I.M. S.p.A for approximately Rs 247 crore, enhancing core focus on polyols. This strategic move aims at optimizing MPL's portfolio, strengthening domestic market presence. C.O.I.M. S.p.A amplifies its polyurethane systems capabilities in Europe through this acquisition.

Manali Petrochemicals Ltd has finalized the divestment of its subsidiary, Notedome Ltd, to C.O.I.M. S.p.A Chimica Organica Industriale Milanese for £21.17, equating to approximately Rs 247 crore. This move is part of a strategic portfolio restructuring, focusing more intensely on the core polyols and derivatives business in the domestic market, the company announced on Tuesday.

The completion of this sale follows all necessary regulatory clearances after the October 20 announcement of the Share Purchase Agreement. MPL's chairman, Ashwin Muthiah, emphasized that this divestment aligns with MPL's strategic objectives to optimize its portfolio and concentrate resources on high-growth products in areas like automotive and propylene glycol derivatives.

For C.O.I.M. S.p.A, this acquisition enhances its international profile in the polyurethane systems sector, broadening its reach and reinforcing its capabilities across European markets. CEO Giuseppe Librandi stated that this move is a pivotal step in executing C.O.I.M's global expansion strategy, bolstering technological and production capacities.

(With inputs from agencies.)