An entirely-owned subsidiary of Deepak Nitrite Restricted introduced that it’ll provide propylene and hydrogen to Petronet LNG Restricted (PLL).
The wholly-owned subsidiary, Deepak Phenolics Restricted, will provide 250 kilotons every year (KTPA) of propylene and 11 KTPA of hydrogen from its Petronet Petrochemical Venture in Dahej, Gujarat, as acknowledged by Deepak Nitrate in an trade submitting. For this, the boards of each firms accepted a binding time period sheet.
The association spans 15 years from the preliminary supply of propylene and hydrogen. A Definitive Settlement will likely be formalized in the end, solidifying this strategic partnership between DPL and PLL within the realm of chemical off-take.
Shares of Deepak Nitrate have gained 14 p.c since January 1 and seven p.c over the past 12 months.
Deepak Nitrate reported a 17.5 p.c year-on-year (YoY) rise in internet revenue at Rs 205.1 crore for the second quarter ending September 30, 2023. The corporate’s income from operations declined 9.4 p.c to Rs 1,778.1 crore in opposition to Rs 1,961.7 crore within the corresponding interval of the previous fiscal.
Deepak Nitrite produces a spectrum of chemical compounds, together with agrochemicals, colorants, rubber, prescribed drugs, speciality, and superb chemical compounds. Petronet LNG Restricted gives providers resembling regasification, storage and reloading, bunkering, gassing-up and cooling-down services, and LNG truck loading services.
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