Godrej Industries, the conglomerate said that it is going to invest Rs. 230 crore in setting up a new manufacturing facility in state of Maharashtra. The time period is going to be three years.

This unit will be a manufacturing unit and will be producing oleochemicals. These are a kind of organic fats that are derived from plants and animals and are used as a raw material for detergents and other personal care products.

The company in said in its statements, "GIL Board of Directors approves setting up of a new oleochemicals manufacturing facility at Ambernath. This facility, involving an outlay of about Rs 230 crore, is expected to be operational by FY'2013."

No further details about the production capacity were given.

The company was able to post a 23 fold jump in its profit to end at Rs. 13.4 crore for the June quarter. The company has clearly stated that oleochemicals business is the major reason for its good performance and growth trajectory.

Said Adi Godrej, Chairman of Godrej Industries that the demand for oleochemicals has been growing tremendously and that is why the new unit.