Update regarding formation of Subsidiary company namely OLEO BIOSCIENCES PRIVATE LIMITED. Nitin S.Shah Company Secretary & Compliance Officer
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Crestchem Ltd has provided an update on its newly formed subsidiary, OLEO BIOSCIENCES PRIVATE LIMITED. The subsidiary has completed filing INC-20A (Declaration for Commencement of Business) with the Registrar of Companies and has commenced business operations. Crestchem holds a 75% stake in the subsidiary, with a minority promoter holding the remaining 25%. The subsidiary will manufacture oleo chemicals (speciality chemicals) and is in the process of setting up a pilot plant and product development machinery in Bangalore, Karnataka. Production is expected to commence during FY 2026-27 and 2027-28, funded by the holding company and the minority promoter.
The formation of a new subsidiary in the speciality chemicals space signals Crestchem's expansion into diversified business segments, but shareholders should note it is an early-stage venture with no revenue yet and carries execution risk given the planned plant setup timeline.