MPL’s step-down unit to be liquidated

September 16, 2022 09:10 pm | Updated 09:10 pm IST - CHENNAI

Manali Petrochemicals Ltd.’s step-down subsidiary Amchem Speciality Chemicals UK Ltd., will be liquidated during the current fiscal, as part of the group restructuring plans.

Based on professional advice, under a scheme of group reorganisation, Amchem UK has stopped activities from April 2022. After the proposed liquidation, its net assets will be transferred to its parent company Amchem Speciality Pvt. Ltd., Singapore, according to MPL’s latest annual report.

Amchem UK was established in September 2016 as wholly-owned subsidiary of the Singapore outfit and it acquired Notedome Ltd. Thus, Amchem, UK and Notedome are the step-down subsidiaries of MPL, while Amchem Singapore is the wholly-owned subsidiary of MPL.

Post liquidation, Notedome will become the direct subsidiary of Amchem Singapore. There will be no change in the control of MPL over Notedome.

During FY22, Amchem Singapore posted a total income of ₹153 crore and net profit of ₹2 crore. Notedome reported a turnover of ₹89 crore and net profit of ₹1.31 crore.

To enhance MPL’s global presence, Amchem Singapore will continue to explore further opportunities for acquisition of overseas facilities, it said.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.