Anupam Rasayan signs LoI worth $46 Million with Leading American Multinational

Anupam Rasayan (NSE, BSE: ANURAS), one of India's leading custom synthesis & speciality chemical players, has signed a Letter of Intent worth revenue of $46 Mn (₹380 crores) with one of the leading American multinational company to supply new age specialty chemical advance intermediate for the next 5 years. This product will be manufactured in our upcoming multipurpose manufacturing facilities.

Speaking about the contract, Anand Desai, Managing Director of Anupam Rasayan, said, "We are delighted to announce that 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. This molecule is an advanced intermediate to be used as a key building block for manufacturing high-end engineering fluids and also in active pharmaceutical ingredient, this product development further demonstrates our prowess in developing and manufacturing complex fluorinated products.

"This is a major step towards expanding our geographic presence in the US. With this LOI, we expect our share of revenues from the US to increase significantly in the coming years. Additionally, this reflects the confidence shown by these MNCs in our technical capabilities and in being able to execute a strong supply chain mechanism. This product is being manufactured for the first time in India and aligns well with the Government of India's Make in India campaign."

Shares of Anupam Rasayan India Limited was last trading in BSE at Rs. 1075.85 as compared to the previous close of Rs. 1062.85. The total number of shares traded during the day was 19525 in over 1494 trades.

The stock hit an intraday high of Rs. 1076.95 and intraday low of 1052.00. The net turnover during the day was Rs. 20872672.00.

Source : Equity Bulls

Keywords

AnupamRasayanIndia INE930P01018 LoI AmericanMNC SpecialtyChemical AdvanceIntermediate