CDG Petchem announces closure of existing Safety Net manufacturing unit

12 Aug 2022 , 11:05 AM

CDG Petchem Limited stock iss in focus after the announcement of closure of existing Safety net manufacturing unit and adoption of new business line.

As per the filing, the company informed that the board of directors at their meeting held on August 10, 2022 has decided to Close the existing Safey net manufacturing unit due to non-viability of business and to avoid losses.

Further, it has decided to establish a new PE Wax processing unit at Vapi, Gujarat which is widely used in Plastic Compound, paints, cosmetics, Rubber processing auxiliaries, candle production etc. Estimated amount to be invested in establishing new line unit is Rs3.5 crore.

At around 11:02 AM, CDG Petchem was trading at Rs19.25 per share higher by 1.85% on the BSE.