Aether Industries announced the commercialization of a specialty chemical manufacturing facility in Surat, Gujarat, on Monday. The total capital expenditure for the site is estimated to be around Rs 1.90 billion.
Aether Industries has raised Rs 1.63 billion from the initial public offering, representing a portion of the total investment for the new facility (IPO). The IPO was completed in June 2022. Internal accruals will cover the remaining Rs 270 million.
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 over 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 introduced here.
Aether Industries is a specialty chemical manufacturer that makes intermediaries and specialty chemicals for customers in the pharmaceutical, agrochemical, material science, and coating industries. The pharmaceutical sector accounts for 63% of its clients, while agrochemicals contribute 23%.
The company is divided into three divisions. The first is large-scale manufacturing, which accounts for 67% of revenues and includes R&D and manufacturing. The contract research and manufacturing segment accounts for 8% of total revenue, while the contract exclusive manufacturing segment accounts for 24%.
Aether Industries offers 25 products to 34 global and 154 domestic customers.