Meghmani Organics rallies 3% as subsidiary starts production of chlormethane

Meghmani Finechem (MFL) is a material subsidiary of the company in which company holds 57 percent stake.

Meghmani Organics shares gained nearly 3 percent intraday on July 9 after its subsidiary started commercial production of chlormethane.


The company said Meghmani Finechem completed installation of chlormethane (CMS) project with a capacity of 40,000 million tonnes per annum in the existing caustic chlorine complex situated at GIDC Dahej, in South Gujarat.

"MFL has commenced commercial production in chlormethane (CMS) from July 4, 2019," it added.

MFL is a material subsidiary of the company in which it holds a 57 percent stake.

Chlormethane plant will produce ethylene dichloride (MDC), chloroform and carbon tetrachloride (CTC).

"Methylene dichloride will enable MFL to meet the growing demand of pharma and agrochemical customers while chloroform will meet the demand for raw material of pharma and refrigerant gases," Meghmani said in its BSE filing.

The cost of setting up the chloromethane plant is Rs 160 crore. The company said subsidiary expects to achieve a turnover of Rs 80 crore in the current financial year 2019-20 and Rs 160 crore in full year of operation in 2020-21.

The stock was quoting at Rs 62.20, up to Rs 1.10, or 1.80 percent on the BSE at 1352 hours IST.

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