Ahmedabad, April 25 Speciality chemicals player Anupam Rasayan Ltd has signed a Letter of Intent worth revenues of $46 million (approximately Rs 380 crore) with one of the leading American multinational companies to supply a new-age speciality chemical advance intermediate for the next five years.
The company did not disclose the name of the American client.
The chemical intermediate will be manufactured at the company’s upcoming multipurpose manufacturing facilities.
Anand Desai, Managing Director of Anupam Rasayan, said, “We have established a new relationship with an American MNC customer by signing a long-term LoI to supply a niche fluorinated molecule on exclusive basis.”
The product being manufactured for the first time in India, aligns well with the Government’s Make in India campaign.
He added that the molecule is an advanced intermediate to be used as a key building block for manufacturing high-end engineering fluids, and also as an active pharmaceutical ingredient. “The product development further demonstrates our prowess in developing and manufacturing complex fluorinated products,” he said.
“This is a major step towards expanding our geographic presence in the US. With this LOI, we expect our revenues from the US to increase significantly in the coming years,” he added.
This reflects the confidence shown by MNCs in Anupam Rasayan’s technical capabilities, and ability to execute a strong supply chain mechanism.
The company has strengthened its position in the fluorochemicals segment. About a fortnight ago, the company signed a Letter of Intent worth revenues of Rs 1,500 crore with a Japanese multinational for manufacture and supply of three high-value speciality chemicals.
In March, it signed a Memorandum of Understanding (MoU) with the Gujarat Government for setting up new plants in Jhaghadia and Sachin in Gujarat at an investment of Rs 670 crore, focusing on manufacturing fluorochemicals to cater to the demands of existing and potential clients in Japan, Europe and America.
Anupam Rasayan shares gained by 4.45 per cent to end at Rs 1,124 on the National Stock Exchange (NSE) on Tuesday.