Deepak Nitrite Ltd has incorporated a wholly owned subsidiary company named Deepak Clean Tech Limited (DCTL) with effect from 9th October, 2020.
“Deepak Nitrite Limited has subscribed to the Memorandum & Articles of Association to the extent of 100% of Share Capital of Deepak Clean Tech Limited, which has been incorporated under the Companies Act, 2013 on October 9, 2020. By virtue of the same subscription, Deepak Clean Tech Limited became a wholly owned subsidiary of Deepak Nitrite Limited on October 9, 2020,” the company stated in its stock exchange fillings.
“DCTL shall carry out business in the field of manufacture of chemical intermediate products,” the company said.
Deepak Nitrite is known as a major manufacturer of chemical intermediates in India. It has a diversified portfolio of intermediates that cater to the dyes and pigments, agrochemical, pharmaceutical, plastics, textiles, paper and home and personal care segments in India and overseas.
The company’s products are manufactured across five locations. Company’s consolidated turnover for FY20 grew by 57% whereby revenues stood at Rs. 4,265 crore as against Rs. 2715 crore in FY19.