Meghmani Organics Acquires 90,000 sq Metres of Land at the Dahez SEZ in Gujarat for Set up of ......

Meghmani Organics Tuesday said it had acquired land for the set up of a manufacturing facility. The pesticide manufacture reported it had obtained around 90,000 square meters of land at the Dahez Special Economic Zone in Gujarat for the investment. The property was acquired via Meghmani Organics’ subsidiary at an investment of Rs 60 crore.

The plant to be set up at the site will be used for the manufacture of pigments, a project to be undertaken by the subsidiary, Meghmani Chemtech. Meghmani Organics Ltd has a 60 per cent stake in the subsidiary. The subsidiary will produce different pigments, namely CPC Blue, Beta Blue and Alpha Blue at the new plant. Such chemicals will be used in the manufacture of agrochemicals within the facility, Meghmani Organics (MOL) said in a statement to the stock exchanges.

The cost of the project is estimated to be around Rs 60 crore and will be commissioned by April, 2011, it said. Anand Patel, Meghmani Organics Ltd Executive Director said the company is already producing CPC Blue, Beta Blue and Alpha Blue at its existing pigment plant and has developed the indigenous technology to manufacture the same.

The technology will be readily available to Meghmani Chemtech, he said. MOL had recorded a Rs 752 crore turnover in 2009-10, out of which 63 per cent was garnered from exports. Its revenue in the first quarter of the current fiscal stood at Rs 233 crore.

Meghmani Organics Ltd was formerly known as Gujarat Industries. It changed its name in 1995. Gujarat Industries was established slightly over two decades ago as a partnership firm in Gujarat, India to manufacture pigments. Years of high productivity and profitability have since then transformed Gujarat Industries to a joint stock company, under the name of Meghmani Organics Limited. Since then Meghmani Organics Limited has diversified its business interests to include a range of pesticides and other pigment products as well.

Today, Meghmani Organics Limited is a leading manufacturer of pigment and pesticide products in the country and is the recipient of several prestigious awards in recognition of its outstanding business performance. Ever since it became operational in Gujarat, Meghmani Organics Ltd sustained an impressive growth and profitability performance that has seen it become one of India’s foremost pesticides manufacturers.

Source : investinindia.com