Deepak Chem Tech, a wholly-owned subsidiary of Deepak Nitrite, has signed a Memorandum of Understanding (MoU) with the Government of Gujarat to invest Rs 5,000 crore in the state over the next four years.
The investment will be used to set up a new manufacturing facility for the production of specialty chemicals and fine chemicals.
The share price of Deepak Nitrite jumps 9% after this news.
The new facility will be located at Dahej in Bharuch district of Gujarat. It is expected to create around 1,500 direct and indirect jobs. The project is expected to be completed in two phases. The first phase is expected to be completed by 2025 and the second phase is expected to be completed by 2027.
Deepak Chem Tech is a leading manufacturer of specialty chemicals and fine chemicals. The company has a strong presence in the Indian market and exports its products to over 50 countries. The new facility will help the company to meet the growing demand for its products in the domestic and international markets.
The investment by Deepak Chem Tech is a major boost for the Gujarat government’s efforts to promote the growth of the chemical industry in the state. The state government has been offering a number of incentives to attract investment in the chemical industry. These incentives include land at concessional rates, power at subsidized rates, and tax breaks.
The investment by Deepak Chem Tech is expected to generate significant economic activity in the state. The project is expected to create around 1,500 direct and indirect jobs. It is also expected to boost the demand for other goods and services in the state.
The investment by Deepak Chem Tech is a positive development for the Indian economy. The project is expected to help to boost the growth of the chemical industry and create jobs. It is also expected to boost the demand for other goods and services in the economy.