CHENNAI/NEW DELHI: Manali Petrochemicals Limited on Thursday announced divestment of its step-down UK subsidiary, Notedome Ltd, to Italian chemical specialities firm Chimica Organica Industriale Milanese (COIM).

The divestment is part of the Chennai-based Manali Petrochemicals’ strategic portfolio restructuring. As part of the agreement, Manali Petrochemicals will continue to market its cast elastomers in India under a new trademark, as per a release.

The consideration would be “at least 8.5 times the adjusted EBITDA of 2.12 million pounds (Rs 247 cr), as determined jointly by both parties,” as per an exchange filing.

“The sale will be on a cash-free and debt-free basis with customary adjustments along other agreed factors,” it said.

Notedome accounts for over 10 per cent of the Rs 9.

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