Aether Industries Ltd takes possession of new industrial premises

Aether Industries Limited has acquired and taken possession of New Industrial Premises on Wednesday, February 22, 2023, located at: PLOT NO. 8202/2/B, ROAD NO. 8, GIDC INDUSTRIAL ESTATE, SACHIN, SURAT - 394230, GUJARAT.

The site is adjacent to the recently commercialized Greenfield Manufacturing Site - 3 along with the recently possessed Plot No. 8202/2/A (which we represented as 'Manufacturing Site - 3+'). Currently the said Site would be termed as Manufacturing Site - 3++. The said Site will be termed as an extension of Manufacturing Site - 3, and the Company will merge the Site -3, Site 3+ and this new Site, for various regulatory approvals and for use of various utilities and resources already available at Manufacturing Site - 3. The mergers of these three Sites will make the Manufacturing Site - 3 equal to Manufacturing Site 2 (10,500 Sq. Mtrs. total).

The total CAPEX envisaged for the Site 3++ is Rs. 800 million to Rs. 900 million, which will be spent in FY24. The Company has already spent Rs. 1,900 million for CAPEX on Site - 3 (which was funded through IPO for Rs. 1,630 million and remaining from internal accruals of the Company. Post the CAPEX at Site - 3+ (Rs. 800 million to Rs. 900 million in FY24) and Site - 3++, along with the CAPEX already done at Site - 3, the total investment into CAPEX would be of Rs. 3,600 million to Rs. 3,700 million at the overall merged site - Manufacturing Site - 3.

The Company will manufacture 2 (two) new products (specialty chemicals and intermediates), at this extended Manufacturing Site - 3++. These two products are developed in Company's in-house R&D Centre. These products will be manufactured for the first time in India, like most of our products. Once all the plants at this merged site (Site - 3, Site - 3+ and Site - 3++) are operational, there would be total 10 products, which will be manufactured by the Company.

Soon, the documentation / legal formalities of registry work will be concluded, and subsequent updates will be conveyed accordingly from time to time.

Shares of Aether Industries Limited was last trading in BSE at Rs. 881.55 as compared to the previous close of Rs. 900.75. The total number of shares traded during the day was 1499 in over 393 trades.

The stock hit an intraday high of Rs. 899.95 and intraday low of 875.70. The net turnover during the day was Rs. 1328416.00.

Source : Equity Bulls

Keywords

AetherIndustries SpecialtyChemicals INE0BWX01014 NewIndustrialPremises Possession Acquisition