Deepak Nitrite has issued Commercial Papers (CP) for Rs 20 crores value dated May 28, 2014. This has been subscribed by HDFC Bank with maturity date as August 26, 2014. The aforesaid issuance of CP is to fund working capital requirement of the Company.
Deepak Nitrite is a leading manufacturer of organic, inorganic, fine and specialty chemicals and a world leader in 2.4 and 2.6 Xylidine. The company, which has nearly doubled its revenues in FY14 to Rs 1,271 crore from Rs 661 crore in FY11, is aiming for a turnover of Rs 2,000 crore in FY16. Recently, the company has commissioned balance capacities of Optical Brightening Agent (OBA) after completion of successful trial runs of production at its new greenfield plant at Dahej district Bharuch in the Gujarat.
