The Registrar of Companies has approved the application of the Deepak Nitrite Limited for incorporation of a new company as a wholly owned subsidiary, Deepak PMC Limited (DPMCL) on 2nd December, 2023.

The authorised and paid-up equity share capital of DPMCL shall be Rs. 5 crores. DPMCL shall engage in the business of providing project engineering, procurement, construction, commissioning, management and consultancy services.

The authorised equity share capital is divided into 50,00,000 equity shares of Rs. 10 each and proposed paid-up equity share capital is Rs. 5,00,00,000 divided into 50,00,000 equity shares of Rs. 10 each.

The business proposed to be undertaken through DPMCL is outside the main line of business of the company i.e. manufacturing of chemicals.

The company has been, from time to time, undertaking various expansion/brownfield projects as a part of its growth plans. Further, the company, vide its letter dated 24th May, 2023 intimated the stock exchanges that its wholly owned subsidiary viz. Deepak Chem Tech Limited (DCTL) has signed a Memorandum of Understanding with the Government of Gujarat to invest around Rs. 5,000 crores in next 4 years to manufacture speciality chemicals, phenol/acetone, and bisphenol at Dahej/Nandesari in Gujarat.

In order to maintain project execution as the Centre of Excellence and to support all projects in the Group, be it a new project or ongoing project like 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 large 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 for all existing and future projects of the subsidiaries/associates/promoter group entities.