Deepak Fertilisers and Petrochemicals Corporation (DFPCL) has completed the process of demerging its core business — fertiliser and technical ammonium nitrate — into a wholly-owned subsidiary Smartchem Technologies. The restructuring is aiming to enhance management focus for future growth, improving operational efficiency providing impetus to charting growth plan and generating incremental stakeholder value.
In this regards, the National Company Law Tribunal has approved the aforesaid restructuring and the company has filed the NCLT order with the Registrar of Companies with effect from May 1.
As part of the scheme, the industrial chemicals, the home lifestyle and retail arm Ishanya will continue to operate under DFPCL. The scheme of arrangement does not involve any exchange or issue of additional shares as the transfer of the undertakings has been undertaken as a wholly-owned subsidiary of the listed entity.
Deepak Fertilisers and Petrochemicals Corporation is a manufacturer of fertilizers. The company’s segments include Chemicals, which offers products, such as ammonia, methanol, dilute nitric acid (DNA), concentrated nitric acid (CAN), carbon dioxide (CO2) etc.