Deepak Nitrite subsidiary to invest Rs 5,000 cr in Gujarat

New Delhi [India], May 24 : Deepak Nitrite's wholly owned subsidiary Deepak Chem Tech Limited (formerly known as Deepak Clean Tech Limited) has signed a Memorandum of Understanding (MoU) with the Gujarat government, with an intent to invest around Rs 5,000 crore to manufacture several speciality chemicals.

According to the company statement, the chemicals that will be manufactured at the to-be-set-up plant in Dahej, Nandesari are speciality chemicals. These chemicals will be used in agro and pharma industries. Further chemicals used for plywood, paint and adhesives will also be manufactured in the plant.

The MoU was signed on Tuesday and it was agreed that the investments will be made in the next four years.

The proposed investment is expected to generate around 1,500 direct and indirect employment opportunities, the statement said.

The proposed investment will also help reduce India's import bill.