Chennai, India — Manali Petrochemicals plans to set up overseas systems houses and related activities over the next 2 – 3 years and is considering a number of unspecified locations, according to an announcement made to the Bombay Stock Exchange on 4 November.
Manali plans overseas systems houses
The announcement said: “The board of directors of the company at its meeting held on 4 November 2015, inter alia, has granted in principle approval for setting up an overseas subsidiary through which the company proposes to expand its global footprint.”
Manali added it is “keen to foray into PU markets abroad.”
A few days earlier Manali had announced its Q3 2015 sales of Rupee 17.1bn ($260m) down from Rupee 1.9bn in the same quarter in 2014. However, tighter cost control meant pre-tax profit was Rupee 2.2bn in the 2015 quarter compared to Rupee 1.9bn in the same period in 2014.
Earlier in 2015 year Manali Petrochemical announced plans to invest in new polyol production.