Sigachi Industries on Friday informed stock exchanges that it has received letter of intent from Aditya Birla Group company Grasim Industries for operation and management of three chlorine product plants.
Shares of Sigachi Industries were down 0.7% in afternoon deals 399 on NSE.
“The company has received a letter of intent from Grasim Industries Limited (Aditya Birla Group) to operate and manage three chlorine product plants – SBP-48 TPD, CPW-30TPD and MCAA-20TPD,” Sigachi said in a statement. to exchange.
for the amount of the settlement will be 20 crores and will be valid for a period of 3 years.
Sigachi Industries has made a great debut on the exchanges, giving investors a huge listing gain of 270% in the IPO.
PF. 125.43 crore IPOs were subscribed 101.91 times with price bands in the range 161-163. The proceeds from the issue will be used for capital expenditure and expansion of production capacity for microcrystalline cellulose at Dahej and Jhagadia, manufacturing of croscarmellose sodium at Kurnool and for general corporate purposes.
Sigachi Industries SIL was incorporated in 1989 as a Private Limited Company with the business of manufacturing Chlorinated Paraffin and Hydrochloric Acid at its manufacturing unit located at Hyderabad.
SIL is engaged in manufacturing of Microcrystalline Cellulose which is widely used in pharmaceutical industry as an adjuvant for finished dosage. The inert non-reactive, free flowing and versatile nature of MCC has diverse applications in the pharmaceutical, food, nutraceuticals and cosmetic industries. It manufactures various grades of MCCs ranging from 15 microns to 250 microns. The major grades of MCC manufactured and marketed by the company are branded as HiCel and AceCel.
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