Latest News | Deepak Chem Inks Pact with Gujarat Govt to Invest Rs 9,000 Cr

Mumbai, Jan 31 (PTI) Deepak Chem Tech, a wholly-owned subsidiary of Deepak Nitrite, on Wednesday said it has inked an agreement with the Gujarat government to invest around Rs 9,000 crore to establish projects at Dahej.

Under the memorandum of understanding, the company will invest Rs 9,000 crore to set up units to manufacture chemicals at Dahej, expected to commence operations in 2027, Deepak Chem Tech (formerly Deepak Clean Tech) said in a regulatory filing.

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This investment is likely to create about 1,300 direct and indirect employment opportunities, it added.

Earlier, the company had expressed its intention to invest around Rs 9,000 crore during Vibrant Gujarat Global Summit 2024 held on January 10-12.

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The proposed investment will help the country reduce its imports, the company said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)