IGREL Mahidad has been incorporated for power generation with an authorised and paid-up capital of Rs 1,00,000 divided into 10,000 equity shares of Rs 10 each.

Gujarat Fluorochemicals incorporated the subsidiary by subscribing to 9,940 equity shares of Rs 10 each, aggregating to Rs 99,400.

IGREL Mahidad engage into the business of generation, accumulation, transmission, distribution, purchase, sell and supply of electricity power by using conventional and non conventional energy sources.

Gujarat Fluorochemicals manufactures industrial chemicals for end-use industries including pharma, agrochemicals and plastics.

The company’s consolidated net profit decline 75.7% to Rs 80.09 crore in Q3 FY24 as against with Rs 329.45 crore posted in Q3 FY24. While net sales stood at Rs 991.74 crore in Q3 FY24, fell 30.1% year on year.

Share of Gujarat Fluorochemicals declined 1.31% to Rs 3,255.80 on the BSE.