Chemicals maker Dorf Ketal likely defers IPO plans amid Italmatch bid

Founded in 1992 by Subodh and Sudhir Menon, Dorf Ketal manufactures specialty chemicals with clients such as Reliance Industries, Petronas, Indian Oil Corporation, PPG Industries, Clariant, Liberty Energy, Italiana Petroli and Vedanta. The company has 16 manufacturing facilities in India, Brazil, Canada and the USA. reported income up to ₹6,130 crore in the financial year ending March 2025. The company has historically expanded its operations through acquisitions, the most recent of which include the acquisition of Khyati Chemicals in 2022, the acquisition of Clariant’s North American onshore oil business, the acquisition of Fluid Energy Group’s global modified and synthetic acid business in 2023, and the acquisition of Elixer Soltek in 2024.