Prigiv commences operations at its new Mahad Fragrance ingredients facility

Prigiv Specialties Private Limited (Prigiv), a Joint Venture company of Privi Speciality Chemicals Limited, (Privi) a leading aroma chemicals manufacturer from India and Givaudan SA, (Givaudan) a world leading multinational company in the Fragrance, Beauty, Taste and Wellbeing industry, today announced that it has commenced operations at its greenfield facility in Mahad in the state of Maharashtra.

This greenfield facility is a state-of-the-art manufacturing unit, custom-built to produce small volume fragrance ingredients of medium to high complexity exclusively for Givaudan. The total capital expenditure incurred for this project is approximately Rs.178 crore, funded through equity contributions from both partners and loan financing from Givaudan. Privi hotds a 51% equity stake in the joint venture with Givaudan holding the remaining 49%. The JV initiatlly targets to manufacture a broad portfolio of value added products with a progressive ramp up in activities over the next two to three years. The Commercialization of operations further solidifies the partnership between the two companies, who have had a long-standing retationship.

The joint venture's infrastructure has also been expanded with an additional 5-acre area, adjacent to the existing 4-acre site, laying the foundation for significant future growth.

Mr. Mahesh Babani, Chairman & Managing Director of Privi said, "We are thrilled to announce a landmark achievement for our company with the commissioning of a new greenfield project in partnership with Givaudan. This facility is dedicated for manufacturing complex ingredients involving advanced chemical synthesis processes. Our longstanding association with Givaudan and their investments in this JV through equity and long-term loan financing, is a testament to our capabilities to deliver complex & high-quality products.

This project not onty strengthens the relationship between Privi and Givaudan but also demonstrates our capabilities in Flavour & Fragrance industry. It demonstrates our ability to invest in customized facilities to cater to client specific requirements. Today's inauguration further cements our position in the industry."

Maurizio Volpi, President of Fragrance & Beauty Division of Givaudan SA commented, "We are very happy to celebrate the accomplishment of this key milestone in our joint venture together with Privi. The commencement of operations in the joint venture is an important step in our long standing partnership with Privi and will deliver sustainable value for both partners."

Shares of Privi Speciality Chemicals Limited was last trading in BSE at Rs. 1510.40 as compared to the previous close of Rs. 1494.60. The total number of shares traded during the day was 3021 in over 534 trades.

The stock hit an intraday high of Rs. 1540.00 and intraday low of 1477.40. The net turnover during the day was Rs. 4589654.00.

Source : Equity Bulls

Keywords

PriviSpecialityChemicals INE959A01019 GivaudanSA JV PrigivSpecialties OperationsCommenced GreenfieldFacility Mahad