Fineotex Chemical awarded another high value sizable specialty chemical order from a leading FMCG company

Fineotex Chemical Ltd. ("Fineotex" or the "Company") (BSE: 533333; NSE: FCL) has secured a Rs. 150 crore specialty performance chemical order from a leading FMCG company. This new product business is a result of the Company's consistent high quality product development, focus on contract performance and continuing to build long term relationships with global customers.

This new specialty product provides Fineotex with significant opportunities to explore partnerships in the global FMCG market for the supply of other cleaning and hygiene products. This long term order has an annual sales value of approximately Rs 150 crore and will be manufactured at our recently commissioned facility at Ambernath.

In addition to the new order, starting 14th November 2022, Fineotex has successfully expanded its capacity at Ambernath by an additional 21,000 tons. This takes the total capacity at Ambernath to 104,000 tons per year and enables Fineotex to cater not only for this new product contract but also expected future orders.

This new development will enable Fineotex to target and focus on the FMCG industry and niche segments within it, to drive future growth opportunities.

Commenting on this announcement, Mr. Sanjay Tibrewala, Executive Director of Fineotex Chemical Limited, said: "The Ambernath plant has allowed us to expand our manufacturing capabilities and meet the growing needs of the specialty chemical market. The facility is equipped with the latest new generation infrastructure with modern amenities which are essential to produce chemicals in a sustainable way with advanced automation, storing capacity and logistical handling. This recent expansion reflects our focus on operational excellence, technically advanced manufacturing capabilities and is fully aligned with Fineotex's overall growth. Furthermore, this specialty product order is a demonstration of the Company's success in strengthening its international market presence and seizing opportunities in high growth segments. We are confident that our long-term strategies will create value for all our stakeholders and pave the way for exciting times ahead."

Shares of Fineotex Chemical Limited was last trading in BSE at Rs. 340.05 as compared to the previous close of Rs. 337.20. The total number of shares traded during the day was 61815 in over 2246 trades.

The stock hit an intraday high of Rs. 344.70 and intraday low of 336.70. The net turnover during the day was Rs. 21065937.00.

Source : Equity Bulls

Keywords

FineotexChemical INE045J01026 OrderWin SpecialtyPerformanceChemical FMCGCompany