The sale of Arkema’s functional polyolefins business to SK Global Chemical was finalized on June 1st and is fully in line with the strategy to refocus the group’s activities on specialty materials.
The Department prescribes minimum 60%, 70% and 80% local content for FY2020-21, FY2021-23 and FY2023-25 respectively of local chemicals and petrochemical contents in public procurement.
The factories located at Tarapur and Navi Mumbai are operating at near normal capacity with some sporadic disruptions due to transportation, manpower and material issues.
The company feels that the business did not face any significant disruption and the company does not foresee any major adverse impact going forward due to COVID-19.
The business will be integrated into Solenis as part of its direct-to-market strategy.
Technology would create additional demand for acetic acid.
RK Chaturvedi has replaced P Raghavendra Rao who superannuated on 31st May, 2020.
Nouryon has introduced a multi-purpose, biodegradable dispersant that can replace less sustainable products in water-based crop protection and seed-treatment formulations.
The government has fully assured the pharmaceutical industry it will fully support it in its expansion, diversification and strengthening says Commerce and Industry Minister Piyush Goyal interacting with the captains of the pharmaceutical industry.
The Ministry of Agriculture has proposed to ban (import, manufacture, sale, transport, distribute and use) 27 pesticides (12 insecticides, 7 herbicides and 8 fungicides) which the ministry believe are likely to involve risk to human being and animals.
TAN, IPA and Ammonia plants have been continuing near normal operations.
Total income for the quarter stood at Rs.2661 crore in comparison to the corresponding quarter last year of Rs.2297 crore.
The RENUVA Mattress Recycling Program will take discarded mattress foam and turn it back into raw material (polyol) through chemical recycling, the process of converting waste into feedstock.
Consolidated net profit touched Rs. 234 crore as against Rs. 110 crore for the corresponding quarter last year, an increase of 112%.
Locust Control Offices (LCOs) have conducted control operations at 15 locations in Rajasthan and Madhya Pradesh (MP).
The topping-out ceremony is planned for the end of June, with the handover and commissioning scheduled for December.
The company reported a drop in earnings wherein net profit of declined 11.90% to Rs 110.35 crore in the quarter ended March 2020 as against Rs 125.25 crore during the previous quarter ended March 2019.
The company has posted a net loss of Rs.6.12 crore wherein the net sales touched Rs.63.75 crore during the period ended March 31, 2020 as against Rs.78.24 crore in Q4 FY19.
The company has appointed new regional directors for Europe, Africa and Middle East.
The new chemical plant will be expected to focus more on the higher margin pharmaceutical intermediate products.
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