Chennai, India — Manali Petrochemical is planning to open five centres with Singapore, Qatar, the US and some western European nations already targeted by the firm, according to a report.
The Business Standard article echoes the strategy outlined by the firm’s head of marketing Aravind Mani during an interview with UTECH-polyurethane.com at UTECH North America in early April.
The latest development involves plans for a Singapore-based subsidiary to be set up. According to the article, md Muthukrishnan Ravi said discussions with authorities in Singapore and Qatar were at an advanced stage. “The investment would be funded through internal resources,” he added.
The application centres will create new technology and improve systems to meet the needs of respective geographies. The firm’s chairman Ashwin Muthiah said: “To improve the bottomline and stakeholders’ value, [the firm] has now decided to focus more on speciality and value-added products.
“Our vision in the next five years is to transform from an indigenous industry pioneer to a company with a multinational presence through value addition,” he added.
Ravi said the mix of speciality and applications products to commodity ratio is expected to be half and half eventually, from the current 30 to 70. This would increase the margins.
The Business Standard article is available here.