Specialty chemicals company Aether Industries on Thursday said it has signed an initial pact with the Gujarat government to set up new manufacturing plants at its Panoli Site with an investment of around Rs 1,000 crore. The company has signed a Memorandum of Understanding (MoU) with the Gujarat government to this effect, Aether Industries said in a statement.
With an indicated investment of Rs 1,000 crore, generating future employment for more than 1,000 people, the company aims to commission the plants by the year 2025, the statement added. In the recent past, the company had purchased 1,25,000 sq. plots at Panoli GIDC, in Bharuch district. The company aims to utilise the Panoli plots in an efficient manner to manufacture a variety of products for the first time in India.
Surat-based Aether produces advanced intermediates and specialty chemicals. The products find application in the pharmaceutical, agrochemical, material science, coating, high-performance photography, additive, oil, and gas segments of the chemical industry. Currently, the company has three active manufacturing sites, one R&D center and pilot plant in Hojiwala, Surat, and two manufacturing sites in Sachin, Surat.