Vinati Organics Ltd forms new subsidiary
The new subsidiary has been formed on 5th Oct 2020 with 99% shareholding by parent company, Vinati Organics Ltd.
Vinati Organics Ltd. has subscribed to the Memorandum & Articles of Associations to the extent of 99% of the share capital of Veeral Organics Private Limited, which has been incorporated under the Indian Companies Act, 2013 on October 5, 2020.
By virtue of the same subscription, Veeral Organics Private Limited becomes the subsidiary of the company with effect from October 5, 2020.
Veeral Organics Private Limited is a company incorporated under the Indian Companies Act, 2013 on October 5, 2020 as a 99% Subsidiary of Vinati Organics Ltd which is focusing on manufacturing specialty chemicals and organic intermediaries.
Recently Vinati Organics announced a capital expenditure of Rs 150 crore to produce four new specialty chemical products for agrochemicals, dyes and plastic additives industries, and expand its para-tert-butylbenzoic acid capacity. The company expects to grow its revenue by manufacturing niche value added products in future.
The company has two plants, both situated in Maharashtra at Mahad (Raigad) and Lote Parashuram (Ratnagiri). The company is a world leader in two main products - Isobutyl Benzene (IBB) and 2-Acrylamido 2 Methylpropane Sulfonic Acid (ATBS). The company is present in over 22 countries worldwide and exports its products to customers across the US, Europe and Asia.