Deepak Nitrite Ltd. incorporated a new wholly owned subsidiary to offer project engineering and management services after the chemicals maker inked a pact with Gujarat to set up manufacturing plants.
The company will invest up to Rs 5 crore in the equity capital of the subsidiary, from time to time, in one or more tranches, the company said in an exchange filing.
The proposed subsidiary will be engaged in providing project engineering, procurement, construction, commissioning, management and consultancy services, according to an exchange filing.
On May 24, the company's other subsidiary, Deepak Chem Tech Ltd., signed a memorandum of understanding with the Gujarat government to invest around Rs 5,000 crore in the next four years, to manufacture specialty chemicals, phenol, acetone and bisphenol at Dahej and Nandesari regions.
"Considering the vast pool of knowledge and experience the group possesses in successfully executing target projects, it is thought appropriate to incorporate a separate wholly owned subsidiary....which shall provide such services for all existing and future projects of the group entities," the filing said.
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