Petrochem Middle East, one of the largest chemicals distribution companies in the Middle East, is considering an Initial Public Offering in India in late 2014, the company's Managing Director Yogesh Mehta told Platts late last week.
Mehta declined to give further details on the IPO. "All I can say is that it will be in India, because that's where our market is."
The company has witnessed a demand growth of 7.5% in India over the past three years, whereas the corresponding figure for the Middle East stands at 3.5%, Mehta said. "We crossed the $1 billion turnover mark in 2009. We made a profit of $29 million that year. We expect to do well at the close of 2010 as well," Mehta said.
Though the company deals across Europe and Asia, about 40% of its business comes from India, Mehta said. Petrochem Middle East deals in about 180 chemicals -- from solvents to specialty products -- and has offices in Dubai, London, Mumbai, Antwerp, Singapore and Shanghai.
"We have found dealing in products like amines, esters and glycols most profitable. We are talking to prominent producers like SABIC (Saudi Basic Industries Corporation) to ink an offtake agreement to secure supplies from new capacities onstream in the next few years," Mehta said.
--Shashank Shekhar
Mehta declined to give further details on the IPO. "All I can say is that it will be in India, because that's where our market is."
The company has witnessed a demand growth of 7.5% in India over the past three years, whereas the corresponding figure for the Middle East stands at 3.5%, Mehta said. "We crossed the $1 billion turnover mark in 2009. We made a profit of $29 million that year. We expect to do well at the close of 2010 as well," Mehta said.
Though the company deals across Europe and Asia, about 40% of its business comes from India, Mehta said. Petrochem Middle East deals in about 180 chemicals -- from solvents to specialty products -- and has offices in Dubai, London, Mumbai, Antwerp, Singapore and Shanghai.
"We have found dealing in products like amines, esters and glycols most profitable. We are talking to prominent producers like SABIC (Saudi Basic Industries Corporation) to ink an offtake agreement to secure supplies from new capacities onstream in the next few years," Mehta said.
--Shashank Shekhar
