Deepak Nitrite to invest $7.71 mn for Oman venture
Chemical

Deepak Nitrite to invest $7.71 mn for Oman venture

DOIL is a company incorporated in the Oman and has a paid up capital of 16,57,195 equity Shares of Omani Riyat 1 each. The company is yet to start its commercial activities in Oman

  • By Pravin Prashant | March 05, 2020

The Board of Directors of Deepak Nitrite Limited has agreed to invest approximately $7.71 million in Deepak Oman Industries FZC LLC.

The company has approved to invest not exceeding 20% equity capital in Deepak Oman Industries FZC LLC (DOIL), a limited liability company incorporated in the Sultanate of Oman, amounting to an investment of approximately $7.71 million in one or more tranches.

DOIL is a company incorporated in the Oman and has a paid up capital of 16,57,195 equity Shares of Omani Riyat 1 each. The company is yet to start its commercial activities in Oman.

The equity stake is in an upcoming inorganic chemicals manufacturing company to manufacture Chtor-Atkati and downstream products including inorganic satts such as Hypochlorites, Catcium Chloride, Sodium Nitrite, Sodium Nitrate etc. in Salalah Free Zone which benefits from low cost inputs of raw materiats and energy and plans to serve the global markets. The purported investment is in the greenfield project and the investment would be done in two to three years' time.

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