The Custom Manufactured Chemicals Division of Chemplast Sanmar Limited recently has signed a letter of intent (LOI) with a global agrochemical innovator to manufacture an advanced intermediate.
Commenting on this, Dr Krishna Kumar Rangachari, Deputy Managing Director, Chemplast Sanmar Limited, stated that "Last quarter, we announced that we have been selected to manufacture an intermediate for an established generic Active Ingredient. Today, we are pleased to announce that we have signed a letter of intent (LOI) for this intermediate with a global agrochemical innovator company. The LOI covers a period of 5 years. We anticipate commercial supplies to start from 4Q of FY23-24. This new product will be manufactured in our new multi-purpose production block which is on track for commissioning in 2Q of FY23-24. This development is in continuation of our earlier announcement with respect to another LOI (signed in November 2022 with a global innovator company for supplying an advanced intermediate for a new Active Ingredient), and our announcement in February 2023 to kick-start the next phase of expansion of the multi-purpose facility. This new LOI reaffirms the strength of our product pipeline, demonstrates our technical know-how, and our ability to combine a world-class research and development capability with a broad range of chemical technologies at a production scale."
The Custom Manufactured Chemicals Division manufactures advanced intermediates for agrochemical, pharmaceutical, and fine chemical innovators. Led by a qualified team of chemists and engineers, the division has invested in state-of-the-art production blocks, Pilot and R&D facilities to handle a wide range of chemistries and processes.
Shares of Chemplast Sanmar Ltd was last trading in BSE at Rs. 458.25 as compared to the previous close of Rs. 455.00. The total number of shares traded during the day was 13337 in over 760 trades.
The stock hit an intraday high of Rs. 460.20 and intraday low of 451.60. The net turnover during the day was Rs. 6081504.00.