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Deepak Nitrite's wholly owned subsidiary, Deepak Chem Tech, has signed a memorandum of understanding with the Gujarat government to invest Rs 5,000 crore in the next four years to set up projects to manufacture speciality chemicals, phenol/acetone and bisphenol at Dahej/Nandesari in Gujarat.
The company said that 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, it added.
The products out of these projects will have varied end uses. Speciality chemicals cater to the demand of agrochemicals 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.
Deepak Nitrite is one of the leading suppliers of chemical intermediates. It has a diversified portfolio of intermediates that cater to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments in India and overseas.
Deepak Nitrite's consolidated net profit fell 12.5% to Rs 233.86 crore on 4.8% rise in revenue from operations to Rs 1,961.36 crore in Q4 FY23 over Q4 FY22.
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