From a apprehensive alpha in 1967 with a accommodation of 6,000 tonnes of PVC (polyvinyl chloride) adhesive at Mettur in Tamil Nadu, Chemplast Sanmar has developed to become India’s additional bigger specialty actinic architect with awful chip accomplishment operations. Afterwards accepting the aggregation delisted in 2012, it is now hitting the bazaar with an IPO. Vijay Sankar, Chairman of Chemplast Sanmar, batten to BusinessLine about the affidavit for the IPO, why it delisted, restructuring it underwent as a de-listed article and approaching prospects. Excerpts:
Ten years ago, you de-listed the company. Now you are aback with an IPO. What has changed?
We appetite to advance our advance and we begin IPO was the best way to do it in a advisable manner. When we delisted a decade ago, Chemplast Sanmar was a altered company. It has afflicted absolutely a bit during these years. We brought in a specialty business that was in a altered company. Now, in all our businesses — be it specialty PVC, abeyance PVC or custom accomplishment — we accept got a lot of opportunities for advance and the best way to accomplish this faster is the IPO route. Strengthening the antithesis breadth will be our aboriginal key footfall and with that we will access up accommodation and abound faster.
Why did you delist the company?
We were advancing out of a able capex programme then. We had adapted a mercury-based abrasive soda bulb into a membrane-based process. We had set up a new bound ability bulb at Mettur. For abeyance PVC, we commissioned our Cuddalore plant. There were a lot of things we had completed. As we were attractive to adore the allowances of the expansion, we ran into the All-around Financial Crisis in 2008 followed by fluctuations in awkward prices in 2011. All of that was affliction in agreement of banknote breeze at that point of time and we were incurring losses. We realised that we bare to booty adamantine decisions in agreement of restructuring the business and we acquainted it would be easier done in the clandestine domain.
How did you restructure the businesses afterwards the delisting?
After delisting, abeyance PVC business was fabricated a abstracted company. Specialty adhesive PVC and custom accomplishment were brought into the capital company. Essentially, we created two platforms — one actuality the specialty chemicals and added actuality the high-volume article actinic belvedere in the abeyance PVC business. At that point of time, there were no absolute synergies amid the two in agreement of aggregate assets or facilities. But, as we are attractive to abound added through amplification of capacities, synergies are arising now. We additionally anticipation we would consolidate our complete Indian actinic business beneath one company. That was the acumen for the anatomy we are now presenting to the market.
How important is the custom accomplishment business?
We see custom accomplishment as a key advance area. We are advance a lot of assets in it. Sanmar accumulation carries a able history of active collective ventures successfully. This is an important backbone for custom accomplishment business area we charge to body abiding relationships with key innovating companies. We are assured that this business will abound able-bodied accustomed our strengths in actinic accomplishment and architecture abiding relationships with all-around firms.
The absolute gain of the beginning affair in the IPO is activity appear retirement of NCDs. How will that help?
We had a lot of restructuring in the contempo decade, decidedly in the accomplished 3-4 years. As we were in clandestine domain, we had to borrow the money to abutment the restructuring. Our NCD is about ₹1,230 crore and on a circumscribed base our net debt will be abutting to aught column the IPO. This doesn’t beggarly that we don’t appetite debt. We will borrow at abundant bigger terms. With a able antithesis sheet, we will be able to aggrandize abundant faster.
What is your capex plan and how do you plan to armamentarium it?
The absolute appeal for specialty adhesive PVC in India is estimated at 143,000 tonnes a year, which is accepted to abound to 183,000 tonnes by FY25. At present the accessible accommodation in India is about 80,000 tonnes, which includes 66,000 tonnes of our accommodation and about 45 per cent through imports. At the accepted accessible capacity, the gap will be added than 100,000 tonnes till FY25. This gap is what we are partially attractive to ample by an ₹256-crore brownfield amplification activity of 35,000 tonnes a year, which will appear on beck by October 2023 at Cuddalore. We are additionally attractive at ₹360-crore advance in a multi-purpose ability for custom accomplishment business. The aggregation will additionally undertake de-bottlenecking of abeyance PVC accommodation at an advance of ₹235 crore and this will accord us 10 per cent added capacity, which will appear on beck by the end of this fiscal. Absolute advance envisaged is ₹620 crore over the abutting three years. We will accept aught net debt afterwards the IPO. We will accept the optimal anatomy for allotment the expansion.
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