Manali Petrochemicals Ltd., today said the dissolution process of its overseas step-down subsidiary, AMCHEM Speciality Chemicals UK Ltd. (AMCHEM UK), has been completed and the said entity stands dissolved effective Tuesday.
Chennai-based Manali Petrochemicals is into manufacturing and supply of Propylene Oxide, Propylene glycols, and polyols. As of March 2023, the company had one wholly-owned subsidiary and five step-down subsidiaries, all of which are incorporated outside India.
In 2015-16, Manali Petrochemicals set up a wholly-owned subsidiary AMCHEM Speciality Chemicals Pvt Ltd, Singapore to expand its global footprint and to hold its foreign assets. The Singapore subsidiary, in turn, had set up AMCHEM UK in 2016-17, which acquired another UK-based company Notedome Ltd.
In May 2022, Manali Petrochemicals informed exchanges that its Board had taken note of a proposal from AMCHEM UK to transfer its net assets to its holding AMCHEM Singapore and get itself dissolved. “The proposal aims to bring down the number of layers of the company,” Manali Petrochemicals said.
With the dissolution of AMCHEM UK, Notedome Ltd will now become a direct subsidiary of AMCHEM Singapore and continue to be a step down subsidiary of Manali Petrochemicals. AMCHEM Singapore also has another UK subsidiary Penn Globe Ltd, which it acquired in November 2022.