Aether Industries Limited Signs Strategic Supply Agreement with Baker Hughes

On June 28, 2024, Aether Industries Limited informed in a stock exchange filing that the company had executed a Strategic Supply Agreement (SSA) with Baker Hughes. The agreement, formalised on June 25, 2024, in the USA, spans an initial term of 5 years, with provisions for extension by three additional one-year terms and subsequent yearly extensions thereafter.

Under this agreement, Aether Industries will engage in contract manufacturing of six distinct products for Baker Hughes, marking the first production of these items in India. These products are slated for global distribution, with a notable emphasis on supplying the Indian market’s oil and gas sectors, thereby contributing significantly to the country’s “Make in India” initiative.

Aether Industries’ wholly-owned subsidiary, Aether Speciality Chemicals Limited, will primarily conduct the manufacturing operations. The subsidiary has already equipped its facilities with the necessary assets, plants, and machinery to commence production as per the SSA’s requirements.

This collaboration solidifies Aether Industries’ position as a key strategic partner for Baker Hughes in the realm of contract manufacturing. It sets the stage for a deeper and more robust business relationship between the two entities, fostering long-term growth and mutual benefits.

The SSA underscores Aether Industries’ capabilities in high-quality production and global supply chain management and aligns with its strategic goals of expanding manufacturing capabilities and enhancing market presence in critical sectors such as oil and gas.

Aether Industries Limited recently increased its investment in Aether Speciality Chemicals Limited on May 30, 2024. Aether Speciality Chemicals Limited issued share capital totalling ₹5,02,000 (Rupees Five Lakhs Two Thousand only), comprising 50,200 Equity Shares of ₹10 each, with a security premium of ₹19,910 per share.

About Aether Industries Limited

Aether Industries Limited specialises in manufacturing speciality chemicals and holds the exclusive position in India for producing chemicals including 3-Methoxy-2-Methylbenzoyl Chloride (MMBC), 4-(2-Methoxyethyl) Phenol (4MEP), Ortho Tolyl Benzo Nitrile (OTBN), Thiophene-2-Ethanol (T2E), Delta-Valerolactone, Bifenthrin Alcohol and N-Octyl-D-Glucamine.

On June 28, 2024, the share price of Aether Industries Ltd opened at ₹925.00, touching the day’s high at ₹973.00, as of 10:40 AM on the NSE.

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