Manali Petrochemicals Share Price

Incorporated in Jun.'86, Manali Petrochemicals was promoted by Southern Petrochemicals Industries Corporation. It manufactures import-substitute chemicals like propylene oxide, propylene glycol, polyol, isocyanate and others. These chemicals are key inputs for the manufacture of polyurethane foams having wide ranging applications. Propylene glycol is extensively used in pharmaceuticals, food flavours, essences, cigarettes, cosmetics and perfumery. For its products, the company has collaborations with Ato Chem, France; Arco, USA; through Technip, France. The company also has new improved formulations to manufacture bicycle tyres and rice mill rollers. In Feb.'93, it came out with a rights issue to meet the cost of setting up new facilities and to enter into trading of isocyanates which is not being manufactured locally. The company's promoter, SPIC, is also taking over UB Petroproducts, its only domestic competitor, thus putting the company in a favourable position. It has expanded the capacity of PO,PG and Polyol. The company also developed a new process for manufacture of eco-friendly Glycol Ethers of which commercial production commenced. The company was accredited with the ISO 9001: 1994 certificate by Det Norske Veritas. The Company is contemplating merger of Spic Organics Limited, a company belonging to the same group with the company, considering the various benefits that would accrue in the merged operations.The merger has been approved by the Hon'ble High Court of Madras on 21st March 2001.