Privi Speciality Chemicals Limited and Givaudan SA to form JV for Aroma Chemicals

Privi Speciality Chemicals Limited (PSCL) - India's largest manufacturer and exporter of Aroma chemicals and Givaudan SA, the Global leader in fragrance creation, has signed a joint venture agreement to set up a new greenfield production facility which will be built in Mahad, where Privi's main manufacturing plants are located. The facility will have state of the art manufacturing equipment tailor made to manufacture small-volume fragrance ingredients of medium to high complexity, also known as specialty ingredients. The Joint Venture has been approved by the Board of Directors PSCL in a meeting held on 29th July 2021. Privi will hold 51% of the equity capital of the Joint Venture Company.

Mahesh Babani, CMD Privi Speciality Chemicals Limited, stated that "We are excited with this opportunity to be partnering with Givaudan to support and expand their production of Speciality Fragrance lngredients. We look forward to showcasing our knowhow and manufacturing expertise as a trusted partner through this strategic joint venture. Independent of this development we will continue to serve all our key accounts without any incumbrance as per our long-standing relationship & agreements."

Privi is lndia's number One manufacturer and exporter of Aroma Chemicals. ln the segment of aroma chemicals based on Pinene chemistry, Privi has amongst the largest manufacturing capacities globally. Over the years Privi has placed a great emphasis on research & development, particularly process research to attain best in the class manufacturing costs and the manufacturing infrastructure. Privi's growth is fulcrumed on attaining and maintaining long term sustainability.

Givaudan SA is a Fortune 500, Swiss Multinational Manufacturer of Flavours, Fragrances (F&F), and Active Cosmetic lngredients. It is the number one F&F Company of the World, having worldwide operations across multiple countries. Givaudan is engaged in the business of development, manufacture and marketing of flavours, fragrances, active cosmetic ingredients, and natural extracts used by customers in their finished products in the food and beverages and household and personal care industries.

Maurizio Volpi, President of Givaudan Fragrance & Beauty, said: "This joint venture supports our global strategy to further strengthen our manufacturing footprint by also being present in lndia. Privi is not only perfectly positioned to support the region, but also highly skilled in managing the complexity of producing fragrance ingredients of different ranges of volumes. This agreement will enable us to evolve our dynamic portfolio of small signature products that enhance the perfumer's palette and give their creations a competitive edge in the market."

Fragrance ingredients are a key element of Givaudan's Fragrance & Beauty business. The joint venture with Privi supports the Company's ambition to enhance fragrance capabilities in high-growth markets and its commitment to advance manufacturing capabilities as a core part of its long-term strategic vision. Givaudan continues to expand its global production footprint, joining key regions with manufacturing facilities in Europe, America and in Asia, where we are present in China and now in India.

Shares of Privi Speciality Chemicals Limited was last trading in BSE at Rs. 1331.85 as compared to the previous close of Rs. 1325. The total number of shares traded during the day was 15844 in over 2516 trades.

The stock hit an intraday high of Rs. 1389 and intraday low of 1300.9. The net turnover during the day was Rs. 21621987.

Source : Equity Bulls

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