Asahi announces commencement of operations at Dahej plant of its JV Asahi Tennants Color

Asahi Songwon Colors Limited, a global leader in Blue Pigments, Monday announced commencement of commercial operations at the Dahej plant of Asahi Tennants Color, its joint venture with Tennants Textile Colours Limited (TTC) of UK.

The state-of-the-art Dahej plant will make Red & Yellow pigments. The installed capacity of the AZO pigment plant is 2400 metric tonnes per annum. The plant has been set up at a cost of Rs. 82 crore.

The JV, in which Asahi holds 51% stake and TTC 49%, was announced on October 22, 2019, and ground breaking ceremony of the plant was performed on December 12, 2019, with an expected date of commissioning in March 2021.

Speaking on the occasion of commencement of commercial operations, Mr. Arjun Jaykrishna, Executive Director, Asahi Songwon Colors, said, "It is our pleasure to announce that in spite of the Covid-19 pandemic, we successfully commissioned the plant on December 14, four months before the original target date. We are going to work towards full capacity utilisation at the plant, and aim to double capacity by 2022."

The Dahej plant will enable Asahi to extend its global pigment presence, which is currently dominant in the phthalocyanine pigment space, to the full range of pigment colors.

Mr. Gokul Jaykrishna, CEO of Asahi Songwon Colors, said "The commencement of operations of the JV company gives Asahi the perfect launching pad to widen its presence as a leading global supplier of pigments, and make a mark in the AZO pigment space."

Shares of ASAHI SONGWON COLORS LTD. was last trading in BSE at Rs.243.5 as compared to the previous close of Rs. 235.2. The total number of shares traded during the day was 4452 in over 279 trades.

The stock hit an intraday high of Rs. 247 and intraday low of 235.2. The net turnover during the day was Rs. 1073503.

Source : Equity Bulls

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