Deepak Chem Tech Ltd signs MoU with Gujarat Government

Deepak Nitrite Ltd's wholly owned subsidiary, Deepak Chem Tech Limited (formerly known as Deepak Clean Tech Limited) has signed a Memorandum of Understanding with Government of Gujarat on 23rd May, 2023 with an intent to invest around Rs. 5,000 Crores in next 4 years for setting up projects to manufacture Speciality Chemicals, Phenol / Acetone and Bisphenol at Dahej / Nandesari, in the State of Gujarat.

The proposed investment is expected to generate around 1,500 direct and indirect employment opportunities.

The proposed investment will also help reduce India's import bill. Products out of these projects have varied end use such as:

- Speciality Chemicals cater to the demand of Agro Chemicals and Pharma industries.
- Phenol and Acetone are used in varied end-user segments like laminates, plywood, pharma, paint, adhesives etc.
- Bisphenol caters to Epoxy and Adhesives and is the most important feedstock towards Polycarbonate which has various applications across Automotive, Electronic and Consumer Goods, Defense, Medical Equipment etc.

Shares of Deepak Nitrite Limited was last trading in BSE at Rs. 2136.40 as compared to the previous close of Rs. 1949.70. The total number of shares traded during the day was 186250 in over 12826 trades.

The stock hit an intraday high of Rs. 2159.05 and intraday low of 1935.00. The net turnover during the day was Rs. 391897999.00.

Source : Equity Bulls

Keywords

DeepakNitrite INE288B01029 DeepakChemTech MOU GujaratGovernment Investment