National Peroxide Limited agreed to Spin-Off NPL Chemicals Limited on March 9, 2021. As per the terms, the distribution ratio is 1:1. Turnover of the Chemical Business as on March 31, 2020, was INR 1.9 billion. The committee of Independent directors recommends the transaction. Asit C Mehta Investment Intermediates Ltd. provided the fairness opinion. National Peroxide Limited shareholders has approved the transaction. NCLT has sanctioned the scheme. The record date is September 25, 2023.

National Peroxide Limited completed the Spin-Off of NPL Chemicals Limited on September 27, 2023.