Elantas Beck India on Thursday said that it has signed a Memorandum of Understanding with Talegaon Industrial Parks for acquisition of land at Navlakhumbre in Pune, Maharashtra. The deal is for setting up a new greenfield manufacturing facility, which will provide additional capacity to cater to the market demand.

The company has advanced a sum of Rs 5.27 crore, amounting to 10% of the total consideration. The company will enter into a sale deed after securing all applicable clearances and certifications, it said.

Elantas Beck India manufactures a wide range of speciality chemicals in the electrical insulation and construction industries.

The company's net profit slumped 63% to Rs 4.75 crore on a 56.8% fall in net sales to Rs 46.21 crore in Q2 June 2020 over Q2 June 2019.

On a year-to-date (YTD) basis, the stock has gained 5.60% while the benchmark S&P BSE Sensex declined 5.13% during the same period.