Primo Chemicals Limited has informed the Exchange about change in Management
PRIMO · price
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Primo Chemicals Limited announced three key developments: (1) Appointment of two Additional Directors (Non-Executive Independent) - Mr. Dibakar Sarkar and Mr. Sobhag Mal Jain, both effective 5 May 2026 for a term of 5 years, subject to shareholder approval. Both have extensive experience in finance, governance, and public sector institutions. (2) Resignation of Mr. Munish Aggarwal from the position of Senior Vice President - Operations effective 10 May 2026, citing personal reasons. (3) Acquisition of the remaining 51% stake in Flow Tech Chemicals Private Limited (promoter group company) by 31 March 2027. Flow Tech had turnover of Rs. 34,166 lakhs and PAT of Rs. 980 lakhs in FY26. This is a related party transaction and will be at cash consideration based on fresh valuation.
The appointment of two independent directors strengthens board governance. The resignation of a senior operations executive may create a leadership gap. The acquisition of the remaining 51% stake in Flow Tech will give Primo full control over its chlorine supply chain and expand its chemical product portfolio, potentially benefiting long-term earnings.