VNCC is into the business of aromatic chemicals and has acquired MIDC leasehold land at Mahad in Maharashtra along with manufacturing facility constructed thereon for a consideration of Rs 13.59 crores.
The purpose of the acquisition is to acquire control of land and manufacturing facility (including plant and machinery) owned by VNCC. This investment is a part of the earlier envisaged strategic cost-saving initiative in the overseas Fragrance division, which allow the company greater flexibility in backend manufacturing operations and leverage its existing presence in a low cost and high quality centre like India.
The company expects to execute this initiative by end of this fiscal and showcase higher operational efficiency in the Fragrance division from FY18-19 onwards.
The stock was trading up by 3.36% at Rs 266 per share on BSE at 0922 hours. It opened at Rs 262.10 per share. The stock has attracted total traded volume of 9,440 shares and traded value of Rs 25.12 lakh on NSE at the same time.
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