Deepak Nitrite’s wholly owned subsidiary -- Deepak Chem Tech has entered into Share Purchase Agreement with Shareholders of Narmada Thermal Power (NTPPL) to acquire 1,49,10,070 Equity Shares of 10 each of NTPPL, representing 100% paid up Equity Share Capital of NTPPL, for an aggregate consideration of around Rs 61.65 crore, payable in cash, in one or more tranches.
The main objects of NTPPL include setting up of a Thermal Power Project. NTPPL is not carrying on any business at present, however it has industrial land admeasuring around 125 Acres, which would be at disposal of Deepak Chem Tech for setting up future projects. Upon acquisition of equity shares as mentioned above, NTPPL shall become a wholly Owned Subsidiary of Deepak Chem Tech and a step down subsidiary of the Company.
Deepak Nitrite is a leading manufacturer of organic, inorganic, fine and specialty chemicals.
