Chennai-based petrochemical organization Manali Petrochemicals said on Monday it has gained UK-based System House Notedome Ltd for about Rs 120 crore ($18mn).
The procurement will help the organization redesign its advances, reinforce its claim to fame and worth included items portfolio, and extend its worldwide client base, Manali Petrochemicals said in an announcement.
"This securing will offer access to Manali Petrochemicals' items in the UK and the more extensive European business sector while broadening our item offering in the household market. Consequently we will grow our worldwide client and item base," said Muthukrishnan Ravi, overseeing chief, Manali Petrochemicals.
The organization, which was established in 1986, made the securing through its UK auxiliary, AMCHEM Speciality Chemicals UK Ltd. The obtaining was supported through inward assets and subsidizing from global banks.
Notedome, which was built up in 1979 and has nearness in 45 nations, is a System House. It produces neuthane polyurethane cast elastomers, which are utilized as a part of a scope of businesses including car and farming segments.
Manali Petrochemicals creates items that discover application in an assortment of businesses, for example, machines, car, bedding, nourishment and aromas, furniture, footwear, paints and coatings, and pharmaceuticals.
The Indian organization propelled an application focus in Chennai a couple of months back, which concentrates on creating and bettering frameworks for polyurethane applications.
It arrangements to set up new application focuses in Singapore in the following 8-12 months, the announcement said. Focuses in Doha and Europe sooner rather than later are additionally anticipated.
Right on time in September, the organization said its load up has affirmed an extra speculation up to $15 million in AMCHEM Speciality Chemicals Pvt Ltd, Singapore, the entirely claimed auxiliary of the organization for potential obtaining of an abroad System House.
Shares of Manali Petrochemicals were exchanging at Rs 38.05 a piece, up 17.26% on the BSE in a solid Mumbai market.