Manali Petrochemicals Limited (MPL) has successfully concluded the sale of its step-down subsidiary, Notedome Limited, to C.O.I.M. S.p.A. - Chimica Organica Industriale Milanese (COIM) for approximately ₹247 crore (£21.17 million). This strategic divestiture, which was finalized on November 17, 2025, marks a significant corporate restructuring for the Chennai-based petrochemical manufacturer.

Transaction Details

Strategic Implications

The sale of Notedome Limited is part of Manali Petrochemicals' strategic portfolio restructuring initiative. This move is aimed at:

1. Sharpening focus on core businesses related to polyols product portfolio and derivatives within the Indian market.
2. Optimizing capital allocation, talent, and R&D efforts towards high-growth market segment products.
3. Creating flexibility for potential global mergers and acquisitions in more aligned sectors.

Despite the divestiture, MPL will continue to market its cast elastomers in India under a new trademark, maintaining its presence in this product category.

Impact on Corporate Structure

As a result of this transaction, Notedome Limited has ceased to be a wholly-owned step-down subsidiary of Manali Petrochemicals Limited, effective November 17, 2025. This change in the corporate structure allows MPL to streamline its operations and focus on its strategic priorities.

Management Perspective

Ashwin Muthiah, Chairman of MPL and Founder Chairman of AM International, Singapore, commented on the divestiture: "This move allows MPL to strategically focus our capital, talent, and R&D efforts on the current, high-growth market segment products with robust and scalable demand – in Automotive, Cold Chain, Construction, Footwear as well as Propylene Glycol derivatives."

Buyer's Stance

For C.O.I.M., this acquisition strengthens its international presence in the polyurethane systems sector and expands its product and service capabilities in key European markets. Giuseppe Librandi, CEO of C.O.I.M. S.p.A., stated that Notedome's expertise and strong reputation in cast elastomers complement C.O.I.M.'s portfolio and culture of innovation.

This strategic move by Manali Petrochemicals demonstrates the company's commitment to optimizing its business portfolio and focusing on high-growth areas within the petrochemical industry. As the transaction concludes, market observers will be keen to see how this restructuring impacts MPL's future growth trajectory and financial performance.

Manali Petrochemicals Limited , a key player in the petrochemical industry, has successfully concluded its postal ballot voting process, marking significant corporate developments for the company.

Key Decisions Approved

Shareholders of Manali Petrochemicals have given their unanimous approval to two special resolutions:

1. Appointment of Mr. Anand Raghavan as an Independent Director
2. Sale of a wholly owned step-down material subsidiary

Voting Results

The voting results demonstrate strong shareholder support for both resolutions:

Both special resolutions passed with 100% of valid votes cast in favor, indicating unanimous support from the participating shareholders.

Implications

The appointment of Mr. Anand Raghavan as an Independent Director could bring fresh perspectives and expertise to Manali Petrochemicals' board, potentially enhancing corporate governance and strategic decision-making.

The approval for the sale of a wholly owned step-down material subsidiary suggests a strategic move by the company. While details of the subsidiary and the reasons for its sale were not provided, such decisions are often made to streamline operations, focus on core businesses, or improve financial position.

These developments reflect the company's commitment to corporate governance and strategic evolution, with full support from its shareholders. Investors and market watchers may want to keep an eye on future announcements from Manali Petrochemicals for more details on these corporate actions and their potential impact on the company's operations and financial performance.