Chennai, India — Manali Petrochemicals, an Indian polyol producer, has approved an investment of up to $15m in Amchem Speciality Chemicals of Singapore "for the potential acquisition of an overseas systems house."
Manali plans system house purchase
Amchem Speciality is 100% owned by Manali and operates as a financial holding company. It was founded in September 2015 with $1.245m capital.
The announcement made to the Bombay Stock Exchange is part of Manali's strategy outlined by Aravind Mani, head of marketing at UTECH North America in April. At that time, he said that "in five years, we will be much more focused on systems."
It builds on information released by the company in June which outlined its future vision with a plan for five centres in Singapore, Qatar,the US and some western European nations.