Deepak Nitrite Ltd. has incorporated a new wholly owned subsidiary to offer project engineering, procurement, construction, commissioning, management and consultancy services. The name of the proposed entity shall be subject to approval by the Ministry of Corporate Affairs.

The company will invest up to Rs 5 crore in the equity capital of the subsidiary, from time to time, in one or more tranches, the company said in an exchange filing.

On May 24, the company's other subsidiary, Deepak Chem Tech Ltd. (DCTL), signed a MoU with the Gujarat government to invest around Rs 5,000 crore in the next four years, to manufacture specialty chemicals, phenol/acetone and bisphenol at Dahej / Nandesari, in the state of Gujarat.

ln order to maintain Project Execution as Centre of Excellence and to support all projects in the Group, be it a new Project or ongoing Project tike state-of-the-art R&D Centre etc., the Project team shall be responsible for successful execution of each Project in the Group.

“Considering the vast pool of knowledge and experience the Group possess in successfully executing target projects, it is thought appropriate to incorporate a separate wholly owned subsidiary which will engage in the business of inter alia providing Project Engineering, Procurement, Construction, Commissioning, Management and Consultancy services, which shall provide such services for all existing and future projects of the Group entities,” the company said.