Aether Industries signs Letter of Intent (LoI) with Saudi Aramco Technologies to generate revenue of Rs. 150 crore to Rs. 200 crore
Surat, 30th March 2023: Aether Industries Limited, has entered into a contract with Saudi Aramco Technologies Company in Saudi Arabia to manufacture and commercialise the Converge polyols technology and product line .
The proposal Letter of Intent (LoI) explains the preliminary terms of a detailed licence agreement for Aether Industries. Aramco Technologies and Aether had previously developed and validated this manufacturing process on a pre-commercial scale. As the products will develop, Aether Industries aims to generate revenue of Rs. 150 crores to Rs. 200 crores from this agreement with Saudi Aramco.
The Converge platform represents a novel and cutting-edge technology for the production of more sustainable polyols containing up to 40% by weight carbon dioxide; these are a differentiated series of polyols with promising applications in the CASE (coatings, adhesives, sealants, and elastomers) field, with the potential to reduce the carbon footprint when compared to industry standard polyols. These polyols, as well as the catalyst that produces them, are complementary to Aether’s core competencies in the specialty chemical arena.
Over the past 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 / Contract Manufacturing business model. During the development stage, the company leveraged its knowledge and scaled quickly to meet industry demands.
Aether Industries is a leading specialty chemical manufacturer that produces advanced intermediates and active ingredients for clients in the pharmaceutical, agrochemical, material science, coating, and oil and gas industries.
Saudi Aramco Technologies Company is a wholly owned subsidiary of Aramco, a world leader in integrated energy and chemicals. It is the world’s largest oil producer and the world’s most profitable company, which is known as the Saudi Arabian Oil Company. The company is primarily state-owned and is based in Dhahran, Saudi Arabia.