Grasim Industries Limited will start work on a chlorinated polyvinyl chloride (CPVC) resin-manufacturing plant with Lubrizol India Limited later this year, the Aditya Birla Group flagship company said on June 19.
CPVC is a thermoplastic essential for many industries, as it is used in water delivery pipes and industrial liquid handling.
The plant is being set up in Vilayat, Gujarat, with a production capacity of around 1,00,000 metric tonnes, the company said in an exchange filing. The project implementation plan was being finalised and details would be shared soon, the two companies added.
On October 30, 2020, the two companies made an announcement about the plant but the coronavirus outbreak, which led to lockdowns and supply chain disruptions, prevented the project work from taking off .
Grasim Industries posted a net profit of Rs 93.5 crore in the fourth quarter of FY23, a sharp decline of 88.5 percent year-on-year from Rs 814 crore in the year-ago period. The net profit was also significantly below CNBC-TV18's estimate of Rs 329 crore.
"Standalone PAT for the quarter was impacted by the softening of realisations in the chemicals business compared to the elevated levels of Q4 last year and continued global weakness in the VSF (viscose staple fibre) business," Grasim said.
At 9.48 am, Grasim Industries was trading at Rs 1,783.35 on the National Stock Exchange, up 0.15 percent from the previous close.
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