Gujarat govt inks MoU with Deepak Chem Tech for Petrochemical Manufacturing

Ahmedabad, May 24 (KNN) The Gujarat Government on Tuesday signed an agreement with Deepak Chem Tech as part of the state government’s commitment to help India in achieving self-reliance in the petrochemical intermediates sector.

Under the agreement, Deepak Chem Tech will establish three projects in Dahej for the production of specialty chemicals, phenol/acetone, and bisphenol. 

These projects will require a total investment of Rs 5,000 crore and are expected to generate employment opportunities for around 1,500 people.

The MoU was signed by the Gujarat Chief Minister Bhupendra Patel in the presence of Industries Minister Balwantsinh Rajput and Minister of State for Industries Harsh Sanghavi in Gandhinagar.

Speaking on the occasion, Gujarat CM said that this collaboration is the state government’s commitment towards the vision of Aatmanirbhar Bharat. 

As per reports, the projects are likely to be operational by the financial year 2026–27.

Deepak Mehta, Chairman of Deepak Chem Tech’s parent company Deepak Nitrite Limited, expressed appreciation for the state government’s support and encouragement to the industries, particularly during the challenging times of the Covid pandemic. 

“The current market for petrochemical intermediates stands at USD 80 billion, and it is projected to grow to USD 650 billion in the coming years. Gujarat has the potential to scale up and account for 50 per cent of this market, amounting to USD 300 billion worth of petrochemical intermediates,” he said.  (KNN Bureau)