The collaboration is aimed at fostering mutual growth and innovation, said a company filing with the stock exchange. The company, however, has not given any detail about its arrangement with the CPCL.
“Though the above intimation is not mandatory under SEBI Listing Regulations, 2015, it is being made in the interest of good corporate governance and transparency,” the company said in its filing.
In the meanwhile, Manali Petro has expanded its Propylene Glycol (PG) Plant. The company has set up a new state-of-the-art facility. With this expansion, MPL will increase its Propylene Glycol production capacity by 50,000 tonnes per annum, augmenting the existing capacity of 22,000 tonnes a year.
“This strategic initiative underscores the steadfast commitment of Manali Petro to the Government of India’s “Make-in -India vision”, bringing advanced manufacturing capabilities to the domestic market,” said a release from the company.
“The state-of-the-art facility demonstrates our commitment to sustainable expansion, meeting evolving customer expectations and reinforcing our market leadership. It also reflects our focus on local manufacturing and alignment with the government’s ‘Atmanirbhar Bharat’ initiative — a step toward reducing import dependence and contributing to a resilient domestic economy,” said Ashwin Muthiah, Chairman of MPL and Founder Chairman of AM International, in a release.
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