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Manali Petrochemicals Ltd (MPL) has informed exchanges that it has got a certificate of incorporation for its wholly-owned subsidiary, Manali Speciality Pvt Ltd.
In June, the Chennai-based petrochemical manufacturer announced the setting up of a new subsidiary to tap in opportunities in the speciality chemicals segment.
MPL specialises in manufacture of Propylene Glycol, Polyether Polyol and related substances, which are used as raw materials in wide-ranging industries such as automotive, appliances, building & construction, energy, defence, and soft furniture. The petrochemical manufacturer has been expanding its activity in the speciality segment in recent times.
In November 2022, MPL acquired UK-based speciality chemicals manufacturer Penn Globe Ltd through its wholly-owned subsidiary AMCHEM Speciality Chemicals Pvt Ltd, Singapore for £21 million.
MPL said its wholly-owned subsidiary is yet to commence its business operations. Meanwhile, shares of MPL closed flat at ₹65.55 on NSE on Monday
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