Deepak Nitrite, a leading chemical manufacturing company, announced on Friday that its wholly-owned subsidiary, Deepak Chem Tech Ltd, will acquire a 100 percent stake in Narmada Thermal Power Private Ltd (NTPPL). The acquisition, valued at ₹61.65 crore, marks a strategic move for Deepak Nitrite to expand its industrial footprint in Gujarat.
In an exchange filing, Deepak Nitrite stated, “Deepak Chem Tech Ltd has entered into a share purchase agreement with shareholders of Narmada Thermal Power Private Ltd (NTPPL) to acquire 100 percent paid-up equity share capital of NTPPL for around ₹61,65,00,000.” The company expects the acquisition to be completed by June 30, 2024.
Dr. Deepak Mehta, Chairman and Managing Director of Deepak Nitrite, commented on the acquisition, saying, “This acquisition aligns with our long-term strategic vision of expanding our industrial base and capabilities. The land in Bharuch offers significant potential for future projects, which will strengthen our presence in the region and enhance our ability to serve our customers effectively.”
Although NTPPL is not currently operational, it possesses significant industrial land, approximately 125 acres, in Bharuch, Gujarat. This acquisition provides Deepak Nitrite with a valuable asset base in a strategic industrial hub, positioning the company for future growth and expansion.
The strategic acquisition of NTPPL highlights Deepak Nitrite’s commitment to strengthening its infrastructure and expanding its industrial assets. This move is expected to provide the company with new opportunities for growth and development in the chemical manufacturing sector.
Deepak Nitrite continues to focus on strategic investments and expansions to drive sustainable growth and value creation for its stakeholders. The acquisition of NTPPL is a testament to the company’s proactive approach to exploring new opportunities and enhancing its operational capabilities.
