India: Manali Petrochemicals acquires UK’s Notedome for $18m

Visual from Manai Petrochemicals website

Manali Petrochemicals has acquired UK-based Notedome Ltd, a manufacturer of Neuthane Polyurethane Cast Elastomers for Rs 120 crore ($18 million).

The acquisition, which was done through Manali Petrochemicals’ UK Subsidiary AMCHEM Speciality Chemicals, will paid through internal accruals and bank loans, according to a company.

“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.

Notedome manufactures neuthane polyurethanes, which  are used in diverse applications in industries and in automotive segment for anti-roll bars, suspension and shock bushes bump stops and material handling and in the agriculture sector for rollers, harvester components and idler wheels on track laying tractors.

Founded in 1979, the family business has production capacity of about 5,000 – 10,000 tonnes a year depending on the product mix. Notedome has a turnover of about £10-15 million, according to company. It has presence across 45 countries.

On the other hand Manali Petrochem is a Chennai-based petrochemicals company developing products that find application in a variety of industries such as appliances, automotive, bedding, food and fragrances, furniture, footwear, paints and coatings, and pharmaceuticals.

Recently, the company had launched it application centre in Chennai which focuses on developing and bettering systems for polyurethane applications. It also has 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.

Last month in a filing to the stock exchanges, Manali Petrochem’s 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. In August, the board had vetted an investment of $500,000 the same subsidiary.

Also Read:

Chatterjee Group to buy 90% stake in Mitsubishi Chemical’s India unit for $48m

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.