Manali Petrochemicals Ltd.’s step-down subsidiary Amchem Speciality Chemicals UK Ltd., will be liquidated during the current fiscal, as part of the group restructuring plans.
Based on professional advice, under a scheme of group reorganisation, Amchem UK has stopped activities from April 2022. After the proposed liquidation, its net assets will be transferred to its parent company Amchem Speciality Pvt. Ltd., Singapore, according to MPL’s latest annual report.
Amchem UK was established in September 2016 as wholly-owned subsidiary of the Singapore outfit and it acquired Notedome Ltd. Thus, Amchem, UK and Notedome are the step-down subsidiaries of MPL, while Amchem Singapore is the wholly-owned subsidiary of MPL.
Post liquidation, Notedome will become the direct subsidiary of Amchem Singapore. There will be no change in the control of MPL over Notedome.
During FY22, Amchem Singapore posted a total income of ₹153 crore and net profit of ₹2 crore. Notedome reported a turnover of ₹89 crore and net profit of ₹1.31 crore.
To enhance MPL’s global presence, Amchem Singapore will continue to explore further opportunities for acquisition of overseas facilities, it said.