For its wholly-owned subsidiary, Manali Speciality Pvt. Ltd., Manali Petrochemicals Ltd or MPL has received its incorporation certificate as informed to the exchanges.
The new subsidiary was set up as announced in June to have opportunities in the segment of speciality chemical products.
The company, MPL specialises in the manufacturing of Polyether Polyol, Propylene Glycol and other related substances that are used in raw materials in industries such as defence, building & construction, soft furniture, energy, appliances and automotive. The Chennai-based company is expanding its activity in the speciality segment sector.
The wholly-owned subsidiary is still to start its business operations, according to MPL. And the MPL shares closed at Rs. 65.55 on the National Stock Exchange, on hearing the news.
MPL had also acquired, by its wholly-owned subsidiary AMCHEM Speciality Chemicals Pvt. Ltd., Singapore, the UK-based Penn Globe Ltd, the speciality chemicals India manufacturer in November 2022.
