Manali Petrochemicals Limited (MPL) has completed the divestment of its wholly-owned step-down subsidiary, Notedome Limited (UK), to C.O.I.M. S.p.A – Chimica Organica Industriale Milanese, for a total consideration of £21.17 million (approximately ₹247 crore). The transaction was finalized on 17 November 2025, following confirmation that the seller, AMCHEM Specialty Chemicals Private Limited, Singapore (AMCHEM SG)—the holding company of Notedome—had received the final tranche of consideration.
With the transfer of the entire stake to C.O.I.M., Notedome Limited ceased to be a step-down subsidiary of MPL with effect from 17 November 2025. All regulatory approvals required for the deal were secured subsequent to the signing of the Share Purchase Agreement on 20 October 2025.
The divestment forms part of MPL’s strategic portfolio restructuring, aimed at sharpening its focus on its core polyols and derivative businesses in India. As part of the agreement, MPL will continue to market its cast elastomers domestically, albeit under a new trademark.
C.O.I.M., a global specialty chemicals company, is expected to benefit from enhanced technological and production capabilities through this acquisition, strengthening its position in the polyurethane systems sector and expanding its footprint across key European markets.
Commenting on the transaction, Mr. Ashwin Muthiah, Chairman of MPL and Founder Chairman of AM International, Singapore, said:
“MPL is happy to announce that we have divested our PU Elastomer business of Notedome to optimize our portfolio in line with the future strategy of the organisation. This move allows MPL to strategically focus capital, talent, and R&D efforts on high-growth market segment products with robust demand—such as in automotive, cold chain, construction, footwear and propylene glycol derivatives. It also gives MPL the flexibility to pursue further global M&As in more aligned sectors.”
Mr. Giuseppe Librandi, CEO of C.O.I.M. S.p.A., added:
“This acquisition marks an important step in C.O.I.M.’s international growth strategy, strengthening our presence in the polyurethane systems business and expanding our technological and production capabilities in Europe. Notedome’s expertise and strong reputation in cast elastomers perfectly complement our portfolio and culture of innovation.”
The acquisition is expected to bolster C.O.I.M.’s global offerings while enabling MPL to sharpen its strategic focus on core markets and future expansion opportunities.