Mahesh Babani, CMD Privi Speciality Chemicals Limited, stated that "We are excited with this opportunity to be partnering with Givaudan to support and expand their production of Speciality Fragrance ingredients. We look forward to showcasing our know-how and manufacturing expertise as a trusted partner through this strategic joint venture. independent of this development we will continue to serve all our key accounts without any incumbrance as per our long-standing relationship & agreements."
Maurizio Volpi, President of Givaudan Fragrance & Beauty, said: "This joint venture supports our global strategy to further strengthen our manufacturing footprint by also being present in India. Privi is not only perfectly positioned to support the region, but also highly skilled in managing the complexity of producing fragrance ingredients of different ranges of volumes. This agreement will enable us to evolve our dynamic portfolio of small signature products that enhance the perfumer's palette and give their creations a competitive edge in the market."
As per the regulatory filing, the Joint Venture has been approved by the Board of Directors PSCL in a meeting held on 29th July 2021. Privi will hold 5L% of the equity capital of the Joint Venture Company.
Notably, the facility will have state of the art manufacturing equipment tailor-made to manufacture small-volume fragrance ingredients of medium to high complexity, also known as speciality ingredients.
At around 11.29 AM, Privi was trading at Rs1580 per piece up by Rs248.15 or 18.6% on Sensex.
In the early deals of Sensex, the stock has hit a new 52-week high of Rs1598.20 per piece that is also the 20% upper circuit.