Privi Speciality Chemicals zooms 14 per cent on signing JV agreement with world-largest flavour & fragrance company

Armaan Madhani
/ Categories: Trending, Mindshare
Privi Speciality Chemicals zooms 14 per cent on signing JV agreement with world-largest flavour & fragrance company

Privi Speciality Chemicals’ board of directors at its meeting held on July 29 2021, decided to enter into a joint venture (JV) agreement with Givaudan SA, world’s largest flavour & fragrance company, for manufacturing highly specialised aroma chemicals for Givaudan. 

A subsidiary company with the proposed name, ‘Prigiv Specialties Private Limited’ (subject to availability) shall be incorporated with initial paid-up share capital of Rs 1,00,000 consisting of 10,000 equity shares of Rs 10 each.  

The joint venture agreement will set up a new greenfield production facility in Mahad (Maharashtra), where Privi's main manufacturing plants are located. The facility is expected to have state-of-the-art manufacturing equipment tailor-made to manufacture small-volume fragrance ingredients of medium-to-high complexity. Privi will hold 51 per cent of the equity capital of the joint venture.   

Fragrance ingredients are an integral element of Givaudan's fragrance & beauty business. The joint venture with Privi supports the company's commitment to advance manufacturing capabilities as a core part of its long-term strategic vision and ambition to enhance fragrance capabilities in high-growth markets. Givaudan continues to expand its global production footprint, joining vital geographical regions with manufacturing facilities in Europe, America & Asia.  

Givaudan SA is a Fortune 500, Swiss multinational manufacturer of flavours & fragrances (F&F) as well as active cosmetic ingredients. It is the number one F&F company in the world, having worldwide operations across multiple countries. Givaudan is engaged in the business of development, manufacture and marketing of flavours, fragrances, active cosmetic ingredients, and natural extracts used by customers in their finished products in the food & beverages along with household & personal care industries.  

Privi is India's number one manufacturer and exporter of aroma chemicals. In the segment of aroma chemicals based on Pinene chemistry, Privi has amongst the largest manufacturing capacities globally. Privi is a globally trusted partner and a preferred supplier of bulk aroma chemicals. Privi has state-of-the-art manufacturing facilities both at Mahad as well as at Jhagadia (Gujarat).  

The shares of Privi Speciality Chemicals jumped 14 per cent during the early trading hours to touch a 52-week high of Rs 1,518.15 per share on Friday.  

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