Kanoria Chemicals and Industries shares jumped more than 7% after the company inaugurated a new Formaldehyde manufacturing plant in Ankleshwar, Gujarat. The new state-of-the-art plant, with a capacity of 345 Metric Tons per Day (MTPD), will increase KCI’s total Formaldehyde production to 763 MTPD.
In the exchange filing, the company shared, “The facility was inaugurated in a ceremony attended by company leadership, including Mr. Sanjay Ojha, Chief of Manufacturing & Projects. The new unit, built with the latest Metal Oxidebased technology, will cater to the growing demand for Formaldehyde across various sectors including engineering wood, textiles, agrochemicals, pharmaceuticals, and more, both in the region and in export markets.”
As of 12:52 pm, Kanoria Chemicals and Industries shares were trading 4.55% higher at Rs 132.58 on the NSE.
