Specialty chemicals company Aether Industries has inked a pact with the Gujarat government to set up new manufacturing plants at its Panoli Site with an investment of around Rs 1,000 crore, the company said on Thursday.

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The company has signed a Memorandum of Understanding (MoU) with the Gujarat government to this effect, Aether Industries said in a statement.

With an indicated investment of Rs 1,000 crore, generating future employment for more than 1,000 people, the company aims to commission the plants by the year 2025, the statement added.

Also Read: Aether Industries executes long-term supply and sales agreement with Japan’s Otsuka Chemical

In recent past, Aether Industries had purchased plots measuring 125,000 sq. at Panoli GIDC, Bharuch District. The company aims to utilise the Panoli plots in an efficient manner to manufacture variety of products for the first time in India.

Surat based Aether Industries Limited focuses on producing advanced intermediates and speciality chemicals involving complex and differentiated chemistry and technology core competencies.

The products find application in the pharmaceutical, agrochemical, material science, coating, high performance photography, additive, and oil and gas segments of the chemical industry.

Currently, the company has three active manufacturing sites, one R&D center and pilot plant in Hojiwala, Surat, and two manufacturing sites in Sachin, Surat.

The company has a production capacity of more than 6000 MT in its state-of-art and DCS automated manufacturing facilities.

Also Read: Aether commercialises manufacturing unit in Gujarat with Rs 190 crore capex