Kakinada, June 29 -- Gujarat-based DACL Fine Chem will invest Rs 500 crore to set up a specialty chemicals manufacturing facility at Kakinada Special Economic Zone (KSEZ), following the signing of a Memorandum of Understanding (MoU) between the two companies on Monday.
The proposed project will come up on 50 acres within Kakinada SEZ and manufacture high-value specialty chemicals for domestic and international markets, the company said in a release here.
The investment is expected to generate substantial direct and indirect employment while strengthening the manufacturing ecosystem in coastal Andhra Pradesh.
The MoU was signed by Kakinada SEZ Managing Director and Chief Executive Officer Ram Reddy Ojili and DACL Fine Chem Chairman Amit M...