In a strategic move to address the growing demand in its existing specialty performance chemical product line, Fineotex Chemical Ltd, through its subsidiary FSPL Specialties Private Limited, has successfully acquired additional factory land in Additional Ambernath, MIDC, Thane, Maharashtra. The new premises, sprawling across approximately 7 acres, were secured with a substantial investment of around Rs. 35 crores, funded entirely by the company’s internal accruals.
All requisite legal formalities, including registration and transfer of the factory/plant premises, have been duly completed. The possession of the newly acquired land took effect from December 29, 2023. This expansion signifies Fineotex Chemical’s commitment to meeting the growing demands of its customers in the specialty performance chemical product line.
The newly acquired plant is strategically located to cater to various industries, including textiles, home care, cleaning, hygiene, and drilling specialty chemicals. This move is anticipated to enhance Fineotex Chemical’s production capacity and capabilities, positioning the company to better serve its diverse customer base.
The company expressed its confidence in the decision to invest in this additional facility, emphasizing the importance of meeting the evolving needs of the market. The acquisition aligns with Fineotex Chemical’s long-term strategy to strengthen its presence in the specialty chemicals sector.
Furthermore, the company has announced that updates regarding the commissioning of stock commencement activities on the newly acquired plot will be shared with stakeholders and the public. This development marks a significant milestone for Fineotex Chemical Ltd as it continues to expand its footprint in the chemical manufacturing industry and solidify its position as a key player in the market.