Aether Industries on Monday announced the commercialisation of a manufacturing site in Surat, Gujarat, to manufacture specialty chemicals. The total capital expenditure planned for the site is around Rs 190 crore. Out of the total investment for the new facility, Aether Industries has raised Rs 163 crore from the initial public offering (IPO).
The IPO was completed in June 2022. Internal accruals will cover the remaining Rs 27 crore. The plant’s commercial production will begin within the next 10 days. The trial run prior to commercial production has been completed successfully.
The manufacturing site 3 will add more than 3,500 million tonnes (MT) of capacity per year for the production of the company’s five new specialty chemicals or intermediates for the pharmaceutical sector, which will be launched here.
Aether Industries is a specialty chemical manufacturer that produces intermediaries and specialty chemicals for clients in the pharmaceutical, agrochemical, material science, and coating industries. The pharmaceutical sector accounts for 63 percent of its clients, while agrochemicals contribute 23 per cent.
The company is divided into three divisions. The first is large-scale manufacturing, which accounts for 67 percent of revenues and includes both R&D and manufacturing. The second segment is contract research and manufacturing, which accounts for 8% of total revenue, while contract exclusive manufacturing accounts for 24%.
Aether Industries offers 25 products to 34 global and 154 domestic customers. On Monday, Aether Industries’ shares closed 2.38 percent higher at Rs 884.90.
Also Read: IG BSF Visit To Border Areas In Bhuj Sector