Kothari Petrochemical launches Hong Kong subsidiary

Kothari Petrochemicals Ltd. hopes to expand its reach in Southeast Asia through its overseas subsidiaries. The company has said in an announcement to the National Stock Exchange of India Ltd. (NSE) that its subsidiary Kothari Petrochemicals Pte Ltd, Singapore, floated in July, has now spawned a subsidiary in Hong Kong, Kothari Petrochemicals HK Ltd.
Kothari is the largest manufacturer of polybutene in India, with annual capacity of 22,000 metric tons. The company is expanding sales to overseas markets, with Asia being the strongest growth market for its products.
Last year, the company said it was awarded a contract to supply BP’s lube blending plants in Asia and, during the year, it also received a contract from PT Pertamina, Indonesia’s government-owned oil company. It supplies to other leading multinational oil companies and exports to more than 20 countries.
For 2012-13, the company reported a big boost in income to INR 261 crore (USD 41.3 million), from INR 175 crore (USD 27.7 million) a year ago. Net profit came to INR 5.20 crore (USD 800,000), from INR 4.28 crore (USD 700,000) a year ago.