Deepak Nitrite on Wednesday incorporated a wholly owned subsidiary of the company with an investment of Rs 5 crore in the equity capital of the subsidiary, from time to time, in one or more tranches, the company announced through an exchange filing.
The subsidiary will engage in the business of inter alia providing Project Engineering, Procurement, Construction, Commissioning, Management and Consultancy services. The business proposed to be undertaken through a new wholly owned subsidiary of the company is outside the main line of business of the Company i.e. manufacturing of chemicals.
The proposed subsidiary is subject to the process of incorporation and issue of Certificate of incorporation by the Ministry of Corporate Affairs.
The name of the proposed entity shall be subject to approval by the Ministry of Corporate Affairs.
Deepak Nitrite shares
The shares of Deepak Nitrite on Wednesday closed at Rs 2,091, down by 1.34 per cent.
