CEO Martin Brudermueller, who will quit in April to become non-executive chairman of carmaker Mercedes-Benz, cited high competitiveness of the group outside of Germany under challenging conditions
Specialty chemical majors, after experiencing a 17% Y-o-Y fall in revenues in the September quarter, are projected to report an 18% decline in the top line for the December quarter
Anti-trust regulator CCI has approved speciality chemicals major PCBL Ltd's proposed acquisition of a 100 per cent stake in Aquapharm Chemicals, according to a notice. The Competition Commission of India (CCI) has granted its approval to the deal under the green channel route. Under the green channel route, a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator. PCBL Ltd is engaged in the manufacturing and sale of carbon black, and green power generation. The transaction relates to PCBL's proposal to acquire 100 per cent equity share capital of Aquapharm Chemicals from the existing shareholders of the company i.e., (members of Desai Group and Mangwani Group), CCI said. After the completion of the transaction, Aquapharm Chemicals will be a wholly-owned subsidiary of PCBL Ltd. Aquapharm Chemicals Pvt Ltd (ACPL) is a Pune-based speciality chemicals company engaged in manufactu
"The existing business is growing, positioning Himadri among the top three players in specialty carbon black," he says
US, Canada, 17 other members raised 35 specific trade concerns
The company aims to produce 200,000 tonnes of lithium iron phosphate (LFP) cathode active material, catering to 100 GWh (gigawatt hour) of lithium-ion (Li-ion) battery
A storage tank blast killed seven people and injured 24 at one of the company's plants in the port city in Gujarat state, Aether Industries confirmed on Thursday
The transaction is subject to obtaining all necessary approvals and fulfilling other customary conditions, as specified in the terms and conditions of the SPA
Large amounts of acid and toxic fumes filled the area, causes breathing issues and eye irritation to the factory workers and others in the area
In the last three years, its India business had clocked a compound annual growth rate (CAGR) of nearly 41 per cent, nearly trebling its business size to over Rs 200 crore
The sale was executed by Cipla (EU) Limited, UK, and Meditab Holdings Limited, Mauritius, both wholly-owned subsidiaries of Cipla Limited
Expectations of weak September quarter results amid high inventory, demand woes and weak realisations have led to the underperformance
The government is expected to extend export benefits under the RoDTEP scheme to iron and steel, chemicals and pharmaceutical sectors beyond September 30, according to a senior official. In December 2022, the government extended the benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme to chemicals, pharmaceuticals and products of iron and steel till September 30 this year. "As exports are not doing good for the last few months, there is a demand to extend it for about six months till March 2024. It is under consideration. We may extend it," the official said. These three sectors were late entrants into the scheme that aims to refund duties, taxes and levies at the central, state and local level that gets added to the cost of products meant for exports. This scheme is a replacement for the Merchandise Exports from India Scheme (MEIS) which ended last year. At present, over 10,342 export items get the RoDTEP benefits. The incentive is paid in the for
Caustic Reaction: Sector expected to underperform as brokerages slash profit estimates
Finance Minister Nirmala Sitharaman states that India plans to be energy independent by 2047 and achieve net zero by 2070
US-based specialty chemical company Lubrizol Corporation on Monday announced investment commitments of over USD 150 million across several projects in its portfolio in the country. The proposed investment will go into building the world's largest CPVC resin plant at Vilayat in Gujarat in partnership with Grasim Industires; doubling its CPVC capacity at its Dahej Gujarat plant to 1.4 lakh tonne; opening a second grease lab in Navi Mumbai, the Berkshire Hathaway-owned company said in a statement. Founded in 1928, Lubrizol Corporation provides specialty chemicals for the transportation, industrial and consumer markets. Its products include additives for engine oils and other transportation-related fluids, additives for industrial lubricants, and additives for gasoline and diesel fuel. The Wickliffe, Ohio-based firm operates over 100 manufacturing facilities, sales and technical offices around the world and employs more than 8,000 people. "India has a favourable climate for business ..
Calls for change in management, board to protect minority shareholders' interest
Revenue growth for some specialty chemicals sub-segments is expected to moderate, in line with the correction in feedstock prices
India is likely to account for more than a fifth of incremental global consumption for chemicals over the next two decades as domestic demand is projected to rise to USD 1,000 billion by 2040, McKinsey said in a report. In the report titled 'India: The next chemicals manufacturing hub', McKinsey said the country's chemical industry has been a global outperformer in demand growth and shareholder wealth creation over the last decade. "It now stands poised to play an increasingly dominant role across both consumption and manufacturing in the global arena," it said. The sector is projected to grow at 11-12 per cent during 2021-27 and 7-10 per cent during 2027-40 -- tripling its global market share by 2040. "India is expected to account for more than 20 per cent of incremental global consumption for chemicals over the next two decades. Domestic consumption and demand is expected to rise from USD 170-180 billion in 2021 to USD 850-1000 billion by 2040," it said. Chemicals find wide usag
Analysts' target prices indicate an upside of about 20 per cent from current levels