Privi Speciality Chemicals JV 'Prigiv' commercialises Rs. 178 crore greenfield facility in Maharashtra
Chemical

Privi Speciality Chemicals JV 'Prigiv' commercialises Rs. 178 crore greenfield facility in Maharashtra

This greenfield facility is a state-of-the-art manufacturing unit, custom-built to produce smart volume fragrance ingredients of medium to high complexity exclusively for Givaudan

  • By ICN Bureau | October 05, 2024

Privi Speciality Chemicals Limited has commenced commercial operations at its greenfield facility in Mahad in the state of Maharashtra by Prigiv Specialties Private Limited, a joint venture with Givaudan SA Switzerland and subsidiary of the company.

Prigiv Specialties Private Limited is a Joint Venture company of Privi Speciality Chemicals Limited, a leading aroma chemicals manufacturer from lndia and Givaudan SA, (Givaudan) a world leading multinational company in the fragrance, beauty, taste and Wellbeing industry.

This greenfield facility is a state-of-the-art manufacturing unit, custom-built to produce smart volume fragrance ingredients of medium to high complexity exclusively for Givaudan. The total capital expenditure incurred for this project is approximately Rs. 178 crore, funded through equity contributions from both partners and loan financing from Givaudan.

Privi hotds a 51% equity stake in the joint venture with Givaudan holding the remaining 49%. The JV initially targets to manufacture a broad portfolio of value added products with a progressive ramp up in activities over the next two to three years. The commercialization of operations further solidifies the partnership between the two companies, who have had a long-standing relationship.

The joint venture's infrastructure has also been expanded with an additional 5-acre area, adjacent to the existing 4-acre site, laying the foundation for significant future growth.

Mahesh Babani, Chairman & Managing Director, Privi said, "We are thrilled to announce a landmark achievement for our company with the commissioning of a new greenfield project in partnership with Givaudan. This facility is dedicated for manufacturing complex ingredients involving advanced chemical synthesis processes. Our long standing association with Givaudan and their investments in this JV through equity and long-term loan financing, is a testament to our capabilities to deliver complex and high-quality products.

"This project not only strengthens the relationship between Privi and Givaudan but also demonstrates our capabilities in the Flavour & Fragrance industry. lt demonstrates our ability to invest in customized facilities to cater to client specific requirements. Today's inauguration further cements our position in the industry," added Babani.

Maurizio Volpi, President of Fragrance & Beauty Division of Givaudan SA said, "We are very happy to celebrate the accomplishment of this key milestone in our joint venture together with Privi. The commencement of operations in the joint venture is an important step in our long standing partnership with Privi and will deliver sustainable value for both partners."

Other Related stories

Startups

Petrochemical

Energy

Digitization