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Meghmani Organics acquires Kilburn Chemicals

Tuesday, 28 Dec 2021
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Meghmani Organics (MOL) has completed acquisition of Kilburn Chemicals (KCL). MOL paid Rs 132 crore (including Rs 12.15 crore towards equity subscription) as per the National Company Law Tribunal (NCLT) approved resolution plan dated 16 December 2021.

Thus, the company has diversified its pigment division’s product offering with Kilburn Chemicals acquisition, fast-tracking its foray into Titanium
Dioxide (TiO2). The aforesaid acquisition has been funded from MOL’s internal accruals.

As a result, MOL’s Titanium Dioxide (TiO2) project will be EPS accretive. The plant is located at Dahej, Gujarat and its existing Titanium Dioxide (TiO) manufacturing capacity is pegged at 16,500 tpa.

MOL expects to commence commercial production of Titanium Dioxide (TiO) from Q2/FY23, thereby adding approximately Rs 300-350 crore to revenues on a full financial year basis.

The company anticipates doubling up its Titanium Dioxide (TiO2) capacity to 33,000 million tpa by Q1/FY24 by incurring an additional capex of Rs 270 crore funded by an appropriate mix of internal
accruals and debt.

At normal capacity utilisation, the aforesaid plant is expected to contribute approximately Rs 650-700 crore to MOL’s topline on a full financial year basis.

Capacity utilisation will be ramped up gradually. MOL’s TiO plant is expected to garner an EBITDA margin of around 23-25 percent, along with robust return ratios i.e., ROCE and ROE ranging ~19-20 percent each.

Titanium Dioxide (TiO2), a bright white pigment, has multiple industrial applications, including paints, plastics, inks, dyes, paper and cosmetics, etc.

The annual demand for TiO in India stands at 2,50,000 million tpa and is growing at 4.2 percent CAGR. Imports meet nearly 80 percent of India’s TiO demand.

The company remains committed to execute its overall capex guidance of Rs 620 crore (Rs 270 crore--Pigment Division and Rs 350 crore— Agrochemicals Division) by Q2/FY23 and achieve Rs 3,000 crore topline by FY24.

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