Deepak Nitrite acquires 125 acres land at Dahej

Deepak Nitrite Limited today informed the bourses that it has acquired industrial and admeasuring of around 125 acres situated at an industrial phase-GIDC Industrial Estate, Dahej-2 (Gujarat) for a total consideration of Rs 99.25 crore.

The company has received a transfer order from Gujarat Industrial Development Corporation (GIDC) in its favour for the abovementioned industrial land and has paid the entire purchase consideration and other related charges. The said industrial land will be utilised for the future expansion plans of the company.

The company’s cash and bank balance as of FY19 stood at Rs 5.6 crore.

The company is eying to expand its downstream products for Acetone. Lately, the company completed its greenfield expansion plan at Dahej (Gujarat) for manufacturing phenol and acetone, which is now running at nearly 90 per cent utilisation levels.

The stock of Deepak Nitrite in today’s trading was trading in positive bias and settled on flat note at Rs 389.6