Gujarat Govt signs MoU with Deepak Chemicals for an investment of ₹5000 crore

Gandhinagar: The Gujarat Government has signed an agreement with Deepak Chemtech Limited-DCTL for an investment of ₹5000 crores.

Under this MoU, Deepak Chemtech Limited will invest a total of ₹5000 crores to set up 3 projects for manufacturing speciality chemicals, phenol/acetone, and bisphenol, resulting in employment opportunities for 1500 people. The director of the company said that these projects will be operational by the year 2026-2027.

The Additional Chief Secretary, Industries and Mines Department, State Government, S. J. Haider, and DCTL Director Meghav Mehta exchanged this MoU in the presence of Chief Minister Bhupendra Patel, Minister of Industries Balwantsinh Rajput, and Minister of State for Industries Harshbhai Sanghavi.

On this occasion, Industries Minister Balwantsinh Rajput provided detailed information about the state government’s incentive policies for industries and the resulting capital investment in the industry sector in Gujarat.

Deepak Mehta, Chairman of DCTL’s parent company, Deepak Nitred Limited, particularly appreciated the support and encouragement provided by the state government to the industries during the Covid epidemic. Mehta also mentioned that the current market for petrochemical intermediates is US$ 180 billion, which is expected to increase to 650 billion US dollars in a few years. Gujarat has the potential to develop the capacity to produce 50% of these petrochemical intermediates, i.e., 300 billion dollars, in this sector. Furthermore, achievements can also be made in the field of chemical import substitutes. DeshGujarat