Ami Organics Signs Memorandum of Understanding with a Global Manufacturer of Electrolytes

Ami Organics Limited (BSE: 543349, NSE: AMIORG) a leading global manufacturer of advanced pharmaceutical intermediates and specialty chemicals, today announced that, the company has signed a non-binding MOU with a global manufacturer of Electrolytes for manufacturing of electrolytes for battery cells and allied materials in Gujarat, India.

In furtherance to this, the company will also sign an MOU with Government of Gujarat for investment amounting up to Rs 300 crores for set up of dedicated manufacturing facility for electrolytes business in the state of Gujarat, in the upcoming Vibrant Gujarat Summit 2024.

The MOU reflects the Ami Organics strategic foresights in aligning with the transformative industry trends in battery chemicals space. This product aligns with the Government's Make in India initiative. Ami Organics is committed to fostering innovative solutions in the Energy storage device sector while contributing towards environment sustainability.

Commenting on development, Mr. Naresh Patel, Executive Chairman & Managing Director, Ami Organics Limited, said: "It gives me immense pride to announce this landmark MOU, first for Ami Organics with a global manufacturer of Electrolytes. We are privileged to build a longterm association as we collaborate with an illustrious name in the industry, which not only instils confidence in us but also builds a path to broaden our scope in the battery chemicals space. This is a first of the several milestones to come that highlight our commitment towards establishing a stronghold in the niche specialty chemicals segment with high entry barriers and low competition."

Shares of Ami Organics Ltd was last trading in BSE at Rs. 1144.60 as compared to the previous close of Rs. 1075.15. The total number of shares traded during the day was 269426 in over 11984 trades.

The stock hit an intraday high of Rs. 1176.90 and intraday low of 1023.10. The net turnover during the day was Rs. 283183961.00.

Source : Equity Bulls

Keywords

AmiOrganics MOU Electrolytes Gujarat