Deepak Nitrite founder Chimanlal K Mehta passes away

Chimanlal K Mehta, founder and chairman of the chemical manufacturing company Deepak Nitrite, passed away on Monday. Mehta was a first-generation entrepreneur and used his skills in trading and manufacturing to set up Deepak Nitrite in 1970. He led the company board and provided overall strategic direction to the company.

Deepak Nitrite’s initial public offering (IPO) came out in 1971 and was oversubscribed by 20 times. The company website read: “He is well-known and trusted name in the chemical industry because of his extensive trading operations. It was this very trust that gave Deepak Nitrite’s very first IPO great success. Conducted even before the company had started manufacturing, it was oversubscribed by 20 times”.

In 1972-73, Deepak Nitrite posted a profit within two years of manufacturing. Mehta also played a key role in initiating many corporate social responsibility (CSR) initiatives and establishing the Deepak Foundation.

Deepak Nitrite acquires Sahyadri Dyestuffs and Chemicals unit from Mafatlal Industries in 1984. The company established a hydrogenation plant in Mahrashtra’s Taloja in 1995. Deepak Nitrite also acquired the management and control of Aryan Pesticides Limited, Roha and DASDA Division of Vasant Chemicals in Telangana in 2003 and 2007 respectively.

In 2015, the company promoted Deepak Phenolics Limited for manufacturing phenol and acetone at Gujarat’s Dahej. Deepak Phenolics is a subsidiary of Deepak Nitrate and manufactures pharmaceutical grade isopropyl alcohol (IPA) and acetone.

At present, the company has its plants in Gujarat’s Nandesari and Dahej, Maharashtra’s Taloja and Roha, and Telangana’s Hyderabad. Deepak Nitrite has a portfolio of over 100 products and produces chemicals such as agrochemicals, colorants, rubber, pharmaceuticals, specialty and fine chemicals.

The company has benefited lately amid the government’s efforts to push local producers in the chemical industry. Deepak Mehta is the chairman of the company and his son Maulik Mehta is the CEO.

Shares of Deepak Nitrite were down 0.48 per cent to trade at 2,163 apiece on the BSE at the time of writing this story.

Also Read: ‘Will affect our relations’: S Jaishankar on Indian diplomats’ names in pro-Khalistani posters in Canada

Also Read: India to host virtual SCO summit on Tuesday with Chinese President and Pakistan PM in attendance