MOL completes KCL acquisition
Ahmedabad’s Meghmani Organics Ltd (MOL), with offices in Brazil, China and the United States, is committed to execute its overall capex guidance of Rs.620 crores by Q2 FY23 and double Titanium Dioxide (TiO2) capacity to 33,000 MTPA by Q1 FY24, an investment of Rs.270 crores.
TiO2 demand in India stands at 250,000 MTPA and is growing at 4.2% CAGR. Imports meet nearly 80% of India’s TiO2 demand while local production capacity is 81,000 MTPA.
The expanded capacity TiO2, an import substitution product, will accelerates MOL’s growth plans, said the company in a release on 27 Dec 2021.
MOL’s 16,500 MPTA plant at Dahej, Gujarat, is expects to commence TiO2 commercial production from Q2 FY23.
MOL has completed an acquisition of Kilburn Chemicals Limited (KCL) for Rs.132 crores, including Rs.12.15 crores towards equity subscription, as per the National Company Law Tribunal (NCLT) approved resolution plan dated 16 December 2021.
MOL said it has diversified its Pigment Division’s product offering with KCL acquisition, fast-tracking its foray into TiO2. fiinews.com
