India's Aarti Industries signs 100 billion-rupee contract with SABIC's U.S. unit
- By Reuters |
- Dec 29, 2017
- Last Updated at 13:02 IST
Speciality chemicals and pharmaceuticals manufacturer Aarti Industries Ltd signed a supply contract with a U.S. affiliate of Saudi Basic Industries Corp (SABIC) worth 100 billion rupees ($1.56 billion).
Aarti Industries will supply a high value speciality chemical intermediate to SABIC Innovative Plastics US LLC over a period of 20 years. (http://bit.ly/2C72hFz)
Aarti will invest around $35 million to $40 million to set up a manufacturing facility in Gujarat which will be used as an export-only unit.
Shares of the Mumbai-based company were up 5.7 percent, as of 0651 GMT, after rising as much as 8.1 percent.
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