Manali Petrochemicals Ltd (MPL), one of the leading producers of propylene oxide, propylene glycols and polyols in India, is reportedly planning to expand its exports business by setting an overseas subsidiary. The board of directors of the company at its meeting held on November 04, 2015, inter alia, has granted in principle approval for setting up an overseas subsidiary through which the company proposes to expand its global footprint, said Manali Petrochemicals.
Manali Petrochemicals product development team has been exploring new market avenues with specific thrust on exports. In fact, the export sales increased by 91 percent in 2014-15 to Rs 33.67 crore from Rs 17.58 crore in 2013-14.
On domestic front, Manali Petrochemicals plans to increase its polyols production capacity from the current 50000 tonnes per annum (tpa) to 1,50,000 tpa using an innovative process to produce additional propylene oxide. Manali Petrochemicals will invest around Rs 100 crore over the next 4-5 years to raise the polyols manufacturing capacity a move that will consolidate its position in the local polyurethane market.
Propylene oxide and polyether polyols are key components used in the production of polyurethanes. Polyurethane materials - which provide many advantages such as resilience, high tear resistance, low viscosity and low heat build-up - can be used for varied applications like building insulations, refrigeration, furniture, footwear, automotive, coatings and adhesives, sealants etc.
The Indian PU market is rapidly growing which has registered double digit growth during the past five years and is expected to double every four years in the coming decade. Companies such as Manali Petrochemicals can tap this opportunity by developing new applications for polyurethane materials and exploring new markets.