Aether Industries, a speciality chemicals company, has acquired a new industrial premises in Surat.
It intends to spend Rs 80-90 crore next fiscal to set up a manufacturing facility in the newly acquired plot.
The new site is adjacent to two recently acquired commercial manufacturing sites. The company intends to merge all the three sites for all regulatory approvals.
Backed by an initial public offering of Rs 163 crore, the company has already spent Rs 190 crore at the previously acquired site. It will tap internal accruals for the remaining funds.
Overall, the three merged sites will have a capex of Rs 360 crore to Rs 370 crore, it said.
The company will manufacture two new products (speciality chemicals and intermediates) at the new site.
These two products, developed at its in-house R&D centre, will be manufactured for the first time in India. Once all the plants at the merged site are operational, the company would manufacture 10 products.