Fineotex Chemical Limited has entered into a strategic collaboration with Eurodye-CTC, Belgium, to commercialize specialty chemicals for the Indian market.
With this exclusive tie-up for the Indian region, Fineotex will add to its portfolio specialised pre-treatment and dyeing products for the cotton-synthetic and woollen fibre / fabric / yarn along with the existing Indian business operation of Eurodye-CTC with several wellknown corporate accounts for their very specialised products. Eurodye-CTC as a partner brings to the table cutting-edge and specialised insight from the European perspective, due to their deep four-decade-long experience in research and development.
The exclusive collaboration will facilitate an efficient production system and distribution network across the Indian textile market. Additionally, the collaboration includes technology transfers apart from channelizing Eurodye-CTC's existing business through Fineotex, under this synergy. Eurodye-CTC, at its end, will capitalize on Fineotex' special technical services for its existing customers too.
"This partnership could not have come at a more crucial time," said Mr Arindam Choudhuri, CEO of Fineotex Chemical Limited. "Last week, the Indian government approved the PLI (production-linked incentive) scheme for the textile industry thus boosting production of man-made textiles and technical textiles. "Fineotex' partnership with Eurodye-CTC will greatly benefit our textile customers. As the Indian textile industry gets ecologically sensitive and moves towards greener and sustainable chemistry, we are sure that the globally certified products of Eurodye-CTC will find a huge demand from Indian companies. Eurodye-CTC has REACH registration, Bluesign certification & GOTS 6 certification for a large selection of its product range. We hope to take this partnership to other countries in the near future," added Mr Choudhuri.
"We are excited to have a competent and formidable partner like Fineotex which has strong distribution channels across India. The entire range of our products can perfectly blend into the sustainable textile value chain for India" said Eurodye-CTC Managing Director Mr. Michel Leclerc.
Ms Aarti Jnunjnunwala, Executive Director of Fineotex Chemical Limited, said, "It is with immense pride that we join hands with Eurodye-CIC. Fineotex and Eurodye-CIC complement each other, and our collaboration will ensure that textile companies can procure their entire range of products and services from a single source."
"Additionally, the textile industry has received a huge boost from the Indian government. Our collaboration with Eurodye-CTC will ensure that all our textile customers benefit from products that have green chemistries. Fineotex is committed to the cause of the planet and people and the cutting-edge research department of Eurodye-CTC is known to be mindful of the environment and ensures maximum conservation of earthly resources."
Shares of Fineotex Chemical Limited was last trading in BSE at Rs. 124.5 as compared to the previous close of Rs. 125.5. The total number of shares traded during the day was 136225 in over 2078 trades.
The stock hit an intraday high of Rs. 128.5 and intraday low of 123. The net turnover during the day was Rs. 17183503.