Aether Industries Inks Agreement with Saudi Aramco Tech For New Technology By CIOTechOutlook Team

Aether Industries Inks Agreement with Saudi Aramco Tech For New Technology

CIOTechOutlook Team | Friday, 09 June 2023, 09:17 IST

Following the signing of a licence deal with Saudi Aramco Tech for converging polyols technology, Aether Industries Ltd. shares increased by as much as 4 percent on Friday to reach a new 52-week high of Rs 1,055.

After the signing of the contract, Aether Industries started producing and commercialising the Converge polyols technology and product line. Aramco and Aether previously collaborated to develop and evaluate this technology's production process at a pre-commercial scale, according to the firm.

"The Converge platform represents a novel and cutting-edge technology for the manufacture of more sustainable polyols that could contain up to 40 percent by weight carbon dioxide," said the promoter and director of Aether Industries, Aman Desai.

As a strategic supplier and contract manufacturing partner, Aether Industries signed a Letter of Intent (LoI) with a multinational oilfield services firm with headquarters in the United States.

According to the partnership's specifics, Aether will manufacture four strategic items for the new client, with a total monthly volume of 1,325 MT for each of these products.

The customer's global oil and gas locations as well as Indian markets will receive these products.

Aether Industries Limited is a manufacturer of specialised chemicals with its headquarters in India. The company's main focus is on developing specialty chemicals and advanced intermediates using differentiating chemistry and technology.