January 22, 2022

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Anupam Rasayan signs LoI worth $95 million with MNC firm

Chemicals maker Anupam Rasayan on Monday announced it has signed a Letter of Intent (LoI) worth USD 95 million (about Rs 700 crore) with a multinational crop protection firm for supply of a new life science related active ingredient.

The company, in a statement, said it will enter into a long-term contract to supply this life science-related speciality chemical product for the next five years.

This new molecule is in addition to the existing product portfolio with this customer, it added.

Speaking about the development, Anupam Rasayan Managing Director Anand Desai said this LoI is in line with the company’s strategy of value re-engineering to manufacture high-value products for medium to large volumes.

This LoI further expands the company’s high-value product portfolio with major global players, he said.

So far in the 2021-22 fiscal, Anupam Rasayan has signed LoI worth Rs 1,800 crore and contracts worth Rs 820 crore, taking the total contracts and LoIs signed to Rs 2,620 crore, he added.

Desai said, “These orders demonstrate firm revenue visibility for growth in the coming years through the commercialisation of new molecules.”

Anupam Rasayan is engaged in the custom synthesis (CSM) and manufacturing of specialty chemicals in India. It makes products for over 66 domestic and global customers, including 23 MNCs.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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