Fineotex Chemical gains on forming JV with Australia's HealthGuard

Fineotex Chemical rose 2.50% to Rs 98.35 after the company said that it has entered into a joint venture with HealthGuard Australia to become the exclusive global marketing and sales channel partner with joint operations from Malaysia.

Fineotex Chemical will add to its portfolio the much-required metal-free safety for its customers around the world with all the required global certifications.

HealthGuard will concentrate on developing cutting-edge solutions, that will be marketed and channelized across the world by Fineotex-Biotex, its exclusive channel partner for the entire range of products over several industries like textile, detergent, leather and allied industries.

HealthGuard makes anti-microbial, anti-viral, anti-dust mite, antimosquito and anti-bed bug finishes. It is a well-known name in the Indian market with textile giants like Welspun, Trident, Himmatsingka Seide group treating their fabrics with its chemicals to make them safer for end use. Internationally, HealthGuard is approved as an antimicrobial active ingredient in M&S, TURNER BIANCA products. Globally customers use this product as it is an economic, safe and sustainable alternative to all heavy metal base chemistry like silver, zinc, copper.

The synergy between HealthGuard & Fineotex - Biotex, will provide solutions that are the most durable metal-free sustainable chemistry (no silver, no zinc, no copper) antimicrobial and anti-viral sustainable chemistry in the market.

Arindam Choudhuri, CEO of Fineotex Chemical, said: "The synergy with HealthGuard will add a crucial certified product line to our growing range of solutions and expand our global footprints. Protected and treated fabrics that are breathable, comfortable, and easy-to-care are going to increase in demand. As India and the world opens up gradually, just about everyone from students to factory workers, from tourists to staffers in the hospitality industry, will need to put on protected garments that can bring down the chances of them getting infected by the virus."

Fineotex Chemical is a speciality chemical producer with a market leader position in the international textiles industry. The company has entered the next phase of growth by diversifying into growing home care and hygiene products, and drilling specialty chemical segments. The subsidiary in Malaysia, Biotex leads the R&D initiatives and the overall product development and is a Bluesign System Partner.

The company reported a consolidated net profit of Rs 11.22 crore in Q4 FY21 as against a net loss of Rs 6.31 crore in Q4 FY20. Net sales during the quarter rose 72.14% YoY to Rs 75.02 crore.

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