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Kothari Petrochemicals Ltd hopes to expand its reach in South-East Asia through its overseas subsidiaries. The company has said in an announcement to the NSE that its subsidiary Kothari Petrochemicals Pte Ltd, Singapore, floated in July, has now spawned a step-down subsidiary in Hong Kong, Kothari Petrochemicals HK Ltd.
According to the HC Kothari Group company’s annual report for 2012-13, it is the largest manufacturer of polybutene in India and is expanding its markets overseas. Asia is the strongest growth market for the product.
Last year, the company bagged a contract to supply its product to British Petroleum’s lube manufacturing plants in Asia and, during the year, to supply Pertamina, the Indonesia government-owned oil company. It supplies to leading multinational oil companies and exports to over 20 countries.
For 2012-13, the company reported a strong growth in income at Rs 261 crore, compared with Rs 175 crore in the previous year. It reported a net profit of Rs 5.20 crore (Rs 4.28 crore).
The company’s manufacturing plant at Manali near Chennai makes about 22,000 tonnes of polyisobutylene annually. The product finds use in lubricants, sealants, paints and wrap films used in packaging.
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