Specialty chemicals manufacturer Aether Industries has signed a Memorandum of Understanding (MoU) with the Government of Gujarat (GoG) for setting up new manufacturing plants at its Panoli site.  With an indicated investment of Rs. 1000 crore, generating future employment for more than 1000 people, the company aims to commission the plants by the year 2025.

The MoU was recently signed in the presence of the Gujarat Chief Minister Bhupendra Patel, in the presence of Balwantsinh Rajput, Gujarat’s Minister of Industries, Civil Aviation, Rural Development, Labour and Employment and Dr. Rahul Gupta, Industries Commissioner of Gujarat and Vice Chairman and MD, GIDC. Faiz Nagariya, CFO and Denish Dodhiyawala, Lead-HR & IR, from Aether Industries were also present, wherein the MoU was executed by Nagariya.

In recent past, Aether Industries had purchased plots measuring 125,000 sq. at Panoli GIDC, Bharuch District, where they did the brick-laying ceremony and organised a blood donation camp on February 8, 2023. The company aims to utilise the Panoli plots in an efficient manner to manufacture variety of products for the first time in India.

As per various Listing Obligation and Disclosure Requirement (LODRs) by the company in the past, various contract manufacturing agreements are in the pipeline which will be signed shortly. The agreements will enable the Company to optimally utilise the Panoli Plot for new plants and also boost the Company's revenues and margins