Fineotex successfully commissions solar power plant at Ambernath facility

Fineotex Chemical Limited, a leader in speciality chemicals headquartered in Mumbai, India, successfully commissioned its 100kWp solar power plant at its Ambernath facility on September 19, 2023. This is a significant milestone in the company’s commitment to promoting a cleaner and more sustainable energy landscape.

The solar power plant will provide the company with a number of benefits, including:

• Reduced energy costs: Solar energy is a clean and renewable source of energy, which will help Fineotex reduce its energy costs over the long term.
• Improved energy reliability: Solar energy is a reliable source of energy, as it is not subject to the same fluctuations as fossil fuels. This will help Fineotex to ensure that it has a consistent supply of energy to run its operations.
• Reduced carbon emissions: Solar energy is a clean source of energy, which will help Fineotex reduce its carbon emissions and contribute to the fight against climate change.

Fineotex’s commitment to renewable energy is aligned with its ESG sustainability goals. The company is committed to supporting its stakeholders on their green journey.

Company profile

 Fineotex Chemical is a leading speciality chemical producer and solution provider, founded in 1979. It has a market-leading position in the speciality chemicals industry, both domestically and internationally. The company manufactures chemicals for the entire textile value chain, including pre-treatment, dyeing, printing, and finishing processes. It has also successfully expanded into the home care, hygiene, and drilling speciality chemicals sector, which is supporting its next phase of growth.

Fineotex manufactures over 475 products and exports to over 69 countries. It has manufacturing facilities in Mumbai and Ambernath, India and Selangor, Malaysia with a combined capacity of 1,04,000 MTPA. The newly set up facility at Ambernath with a capacity of 61,000 MTPA will cater to customers’ demand for existing textile specialities and the fast-growing home care, hygiene, and drilling specialities business.

As of June 2023, investor Ashish Kacholia owns a 2.73% stake in Fineotex Chemical Ltd.

On Monday, shares of Fineotex Chemicals Ltd gained 1.18% to Rs 317.90 per share from its previous closing of Rs 314.20 per share. The stock has gained 40% in the last 6 months, and the company has a strong return on equity (ROE) of 28.9% and a return on capital employed (ROCE) of 36.5%.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.