Page 146 - CW E-Magazine (21-11-2023)

Top Stories

CHANGE OF HANDS

IMCD India to acquire two business lines from

CJ Shah & Company

IMCD, the Dutch distributor and
formulator of speciality chemicals and
ingredients, has announced that its
Indian unit has signed an agreement
to acquire two business lines from CJ
Shah & Company for cellulose acetate
butyrate, coalescing agent, polyolefi n
polymers, and other chemicals prima-
rily for paints, coatings, adhesives and
life sciences applications.

With 20 employees, these busi-
nesses generated a revenue of approxi-
mately Rs. 230-crore in the fi nancial
year that ended on March 31, 2023. in automobile, construction, and infra- ket leader in coatings and construction,”
They serve a large group of customers structure, driving increased demand said Mr. Narendra Varde, Managing
with an extensive portfolio of products for coatings and adhesives. Director, IMCD India & Bangladesh. “We
alongside commercial, technical, and are delighted to partner with IMCD for
laboratory support. Acquiring these businesses strategi- two of our business lines and we wish
cally enhances our capabilities and them all the best,” said Mr. Apurva Shah,
“India has experienced rapid growth product lines, positioning us as the mar- Managing Partner, CJ Shah & Company.

‘Energy transition requires reliance on fossil fuels

in the near term’
The importance of fossil fuels in the important to be realistic about what we Andhra Pradesh, has pointed out the
near term cannot be underscored, and want to do and in what time frame and ‘Impossible Trinity of Net Zero’, which
the developing countries need to balance the trade-offs,” he stated. India has set a entails that countries can only pursue
their net zero targets with growth and target of net zero by 2070. two of the three goals, viz, “Net Zero”
fi scal metrics, said India’s Chief Eco- transition, fi scal sustainability and eco-
nomic Advisor (CEA), Mr. V. Anantha The CEA noted that investments in nomic competitiveness, at any given
Nageswaran. the oil and gas sector had peaked pre- time.
maturely, which are expected to create
“Developing countries need afford- demand-supply gaps and keep prices According to the paper, a commit-
able and reliable energy for economic elevated for some time. “This will conti- ment to carbon neutrality will entail a
growth, which in turn is necessary for nue to pose economic burden, depriving higher cost of energy and will under-
energy transition,” the CEA said at a countries of growth and domestic mine competitiveness and the country
seminar hosted by the Centre for Social resource generation. Therefore, excessive needs to sacrifi ce fi scal sustainability if
and Economic Progress (CSEP). reliance on external capital, which also carbon neutrality and economic competi-
will have implication of current account tiveness have to be preserved.
The CEA pointed out that the calcu- balance,” he said.
lations for net zero needed to take into “The transition involves trade-offs,
account the relocation and labour dis- The CEA in the paper co-authored rather than a singular pursuit of energy
placement costs. “Nobody is saying it with Gulzar Natarajan, Secretary, transition alone as a pre-eminent goal of
(transition) is not imperative, but it is Finance Department, Government of public policy,” the CEA said.

146 Chemical Weekly November 21, 2023

Contents Index to Advertisers Index to Products Advertised