Manali Petrochemicals Ltd. today said the dissolution process of its overseas subsidiary AMCHEM Specialty Chemicals UK Ltd. (AMCHEM UK) has been completed and the entity will be dissolved on Tuesday.
Chennai-based Manali Petrochemicals is engaged in the manufacturing and supply of propylene oxide, propylene glycol and polyols. As of March 2023, the company has 1 wholly-owned subsidiary and 5 downgraded subsidiaries, all of which are incorporated outside India.
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In 2015-16, Manali Petrochemicals established a wholly-owned subsidiary AMCHEM Specialty Chemicals Pvt Ltd in Singapore to expand its global footprint and hold its overseas assets. The Singapore subsidiary formed AMCHEM UK in 2016-17, which acquired Notedome Ltd, another British company.
In May 2022, Manali Petrochemicals informed the exchange that its board of directors had taken note of AMCHEM UK’s proposal to transfer its net assets to its holding AMCHEM Singapore and dissolve it. “The proposal is aimed at reducing the layers of the company,” Manali Petrochemicals said.
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Following the dissolution of AMCHEM UK, Notedome Ltd will now become a direct subsidiary of AMCHEM Singapore and will continue to be owned by Manali Petrochemicals. AMCHEM Singapore also owns another UK subsidiary, Penn Globe Ltd, which it acquired in November 2022.
