Fineotex Chemical stock hits new 52-week high on entering in deep collaboration with Eurodye-CTC

Eurodye-CIC to transfer all its Indian business to Fineotex and collaborate for technology transfer too.

Sep 16, 2021 01:09 IST India Infoline News Service

Fineotex Chemical stock hit a new high on exchanges during Thursday's session after the company inked 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 well-known corporate accounts for their very specialised products.

“This partnership could not have come at a more crucial time,” said Arindam Choudhuri, CEO of Fineotex Chemical, adding “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 Choudhuri.

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.

At around 1.33 pm, Fineotex was trading at Rs138.15 per piece rises nearly 11% on Sensex. The stock has hit a new 52-week high of Rs146.10 per piece earlier today. 

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