MOSCOW (MRC) -- Deepak Nitrite Ltd has incorporated a wholly owned subsidiary company named Deepak Clean Tech Limited (DCTL) with effect from 9th October, 2020, according to Kemicalinfo.
“Deepak Nitrite Limited has subscribed to the Memorandum & Articles of Association to the extent of 100% of Share Capital of Deepak Clean Tech Limited, which has been incorporated under the Companies Act, 2013 on October 9, 2020. By virtue of the same subscription, Deepak Clean Tech Limited became a wholly owned subsidiary of Deepak Nitrite Limited on October 9, 2020,” the company stated in its stock exchange fillings.
“DCTL shall carry out business in the field of manufacture of chemical intermediate products,” the company said.
Deepak Nitrite is known as a major manufacturer of chemical intermediates in India. 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.
The company’s products are manufactured across five locations. Company’s consolidated turnover for FY20 grew by 57% whereby revenues stood at Rs. 4,265 crore as against Rs. 2715 crore in FY19.
As MRC reported earlier, in April,2020, Deepak Nitrite’s fully-owned subsidiary Deepak Phenolics began production of isopropyl alcohol (IPA) at its plant in Dahej, Gujarat, India. The company confirmed in its official disclosure to the Bombay Stock Exchange that the company commissioned a 30,000 metric ton per annum plant at Dahej to make Isopropyl Alcohol (IPA) from Acetone, thus significantly reducing the country’s dependence on imports.
IPA is an important input in the production of essential pharmaceuticals and manufacturing of sanitizers.
We remind that the company started up its new phenol/acetone plant, located at Dahej in the state of Gujarat, on 16 August 2018. The plant, which is operated under Deepak Nitrite’s wholly-owned subsidiary Deepak Phenolics Limited, is able to produce 200,000 tonnes/year of phenol and 120,000 tonnes/year of acetone. There is also the potential for a capacity expansion in the future. Deepak Phenolics’ plant is the largest phenol/acetone plant in India.
Besides, Deepak Phenolics shut its phenol/acetone plant in Dahej on 25 March, 2020, because of the nationwide lockdown because of the spread of coronavirus. It resumed operations in late April, 2020.
Phenol is one of the main feedstocks for the production of bisphenol A (BPA), which, in its turn, is used for the production of polycarbonate (PC).
According to MRC's ScanPlast report, overall estimated consumption of PC granules in the Russian market reached 58,000 tonnes in January-July 2020, up by 22% year on year (47,500 tonnes).
MRC