The company said that this would be a new manufacturing facility at Dahej, Gujarat which will have capability to produce multi products. Product portfolio of the first phase would be specialties (diketene and ketene derivatives) and essentials (esters, anhydrides and aldehydes derivatives). The plant would have a capacity of more than 100,000 tonnes per annum.

The new manufacturing site is expected to come on stream approximately in 3 years. The Project will be funded through a mix of internal accruals, debt and equity.

The company stated that the aforementioned capital expenditure is being undertake "to cater to the growing demand of the customers".

Laxmi Organic Industries is a leading manufacturer of acetyl intermediates and specialty intermediates with almost three decades of experience in large scale manufacturing of chemicals.

The company reported 40.51% decline in consolidated net profit to Rs 38.33 crore on a 3.04% fall in sales to Rs 733.58 crore in Q1 FY24 as compared with Q1 FY23.