As part of the MoU, the company may plan to invest Rs 600 crore over the next four-years on the significant expansion in Valia with employment of around 250.

The MoU paves the way for expansion in Valia where Godrej Industries already has a manufacturing facility, located in the Bharuch district of Gujarat. The facility produces a wide range of oleo chemical products derived from organic material. These products cater to various market segments including personal care, pharmaceutical and food industries, the company stated in the press release.

Vishal Sharma, CEO of Godrej Industries (Chemicals) said, “We are confident that our investment will not only enhance our operational capabilities but also create significant employment opportunities and foster economic prosperity.”

Godrej Industries, a Godrej Group Company, is a conglomerate with a significant presence in home and personal care, animal feeds, dairy and agri-products, poultry, oil palm plantation and real estate.

The company’s consolidated net profit tumbled 44.1% to Rs 87.30 crore in Q2 FY24 as against Rs 156.18 crore recorded in Q2 FY23. Revenue from operations fell 2.07% year on year to Rs 3,937.61 crore during the quarter.

Shares of Godrej Industries advanced 2.75% to settle at Rs 845.80 on the BSE.