Deepak Chem inks pact to invest Rs 9,000 cr in Gujarat in chemical sector

Deepak Chem Tech, a wholly-owned subsidiary of Deepak Nitrite, on Wednesday said it has inked an agreement with the Gujarat government to invest around Rs 9,000 crore to establish projects at Dahej.

Under the memorandum of understanding, the company will invest Rs 9,000 crore to set up units to manufacture chemicals at Dahej, expected to commence operations in 2027, Deepak Chem Tech (formerly Deepak Clean Tech) said in a regulatory filing.

This investment is likely to create about 1,300 direct and indirect employment opportunities, it added.

Earlier, the company had expressed its intention to invest around Rs 9,000 crore during Vibrant Gujarat Global Summit 2024 held on January 10-12.

The proposed investment will help the country reduce its imports, the company said.