Manali Petrochemicals Ltd completes sale of step-down subsidiary Notedome Limited to C.O.I.M. S.p.A
Manali Petrochemicals Limited finalized the sale of its wholly owned step-down subsidiary, Notedome Limited, to C.O.I.M. S.p.A. for approximately £21.17 million (INR 247 crores) on November 17, 2025. The divestment aligns with Manali Petrochemicals' strategic restructuring to focus on core polyols business in India while C.O.I.M. expands its presence in the European polyurethane systems market.
On November 17, 2025, Manali Petrochemicals Limited completed the sale of its wholly owned step-down subsidiary, Notedome Limited, to C.O.I.M. S.p.A. - Chimica Organica Industriale Milanese, for a total consideration of approximately £21.17 million (around INR 247 crores). This transaction follows the Share Purchase Agreement announced on October 20, 2025, with all required regulatory approvals secured. This divestment is part of Manali Petrochemicals’ strategy to streamline its portfolio, sharpening its focus on its core businesses related to polyols and derivatives within the Indian market. Manali Petrochemicals will continue marketing cast elastomers domestically under a new trademark. Chairman Ashwin Muthiah emphasized that the sale allows the company to concentrate its capital, talent, and R&D on high-growth segments like automotive, cold chain, construction, footwear, and propylene glycol derivatives, and also facilitates future global M&A activities in aligned sectors. For C.O.I.M., acquiring Notedome strengthens its international footprint in the polyurethane systems sector and expands its technological and production capabilities in Europe. CEO Giuseppe Librandi highlighted Notedome’s expertise in cast elastomers as complementary to C.O.I.M.’s portfolio and innovation culture. On the day of the announcement, Manali Petrochemicals shares traded on the BSE between Rs. 67.93 and Rs. 69.50, closing nearly flat at Rs. 68.15 with moderate volume.
