Arete Group sells 38 acre industrial land in Gujarat to Gharda Chemicals

Arete Group on Wednesday said it has sold 38 acre land at its industrial park in Dahej, Gujarat to Gharda Chemicals Ltd for setting up a manufacturing facility.

ARETE Group, established in 1990, has a presence in businesses like industrial parks, real estate, retail, and investments.

In a statement, Arete Group said it has "on boarded Gharda Chemicals Ltd by selling 38 acres of prime industrial land at its industrial park project PIP (Payal Industrial Park) in Dahej, Gujarat."

The company did not disclose the deal value.

With a total investment commitment of Rs 600 crore, Gharda Chemicals is set to establish a cutting-edge manufacturing facility at this site.

The company is targeting industries like agrochemicals, pesticides, specialty chemicals, inorganic chemicals, dyes & pigments chlor-alkali and other such chemical industries for setting up a base in its industrial park.

PIP, which is spread over 3,500 acres of land, has been developed within the Gujarat PCPIR (Petroleum, Chemicals, and Petrochemicals Investment Region) as declared by the Government of India under the PCPIR Policy 2007.

Siraj Saiyed, Director of Arete Group, said, "On-boarding Gharda Chemicals Ltd into our Park reflects our commitment to providing world-class infrastructure and enabling a conducive ecosystem for businesses to excel. We believe that Gharda Chemicals' presence will not only benefit their operations but also contribute to the overall industrial growth in the region.