The proposal is to set up a manufacturing unit to produce pesticide, pesticide intermediates and fine chemicals with a total capacity of 43,240 tonnes per annum in an area of 87,300 square metre in Bharuch.
The green nod has been given to the project with some conditions. The estimated cost of the project is Rs 393 crore, he added.
Among conditions specified, the company has been informed that out of proposed total production of pesticides, at least 25 per cent should be bio-pesticides.
The company has been asked to obtain consent to establish/operate the project from the state pollution control board, he added.
The company has decided to expand its production capacity by addition of a new manufacturing plant to meet the rising the demand.
Pi Industries has reported a fall in its standalone net profit to Rs 81.7 crore during first quarter of the 2018-19 fiscal from RS 100.1 crore in the year-ago period.
The company's scrip closed flat at Rs 780 apiece on the BSE today.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)