Specialty chemical manufacturer Aether Industries on Thursday said it has entered into a pact with Saudi Aramco Technologies Company to manufacture and commercialise the converge polyols technology and product line.
Aether Industries has inked a letter of intent (LoI) with Saudi Aramco Technologies to this effect, according to a statement. Saudi Aramco Technologies and Aether had previously developed and validated this manufacturing process on a pre-commercial scale, Aether Industries aims to generate revenue of Rs 150-200 crore from this agreement.
During the last few years, Aether has been working with Aramco on the CRAMS (Contract Research and Manufacturing Services) business model.
Aether will take the same products from the CRAMS business model and commercialise and manufacture them under the Exclusive or Contract Manufacturing business model, the company added.