Shares of Aether Industries Ltd gained 2% on 9 January after the company announced that the closure order for its manufacturing facility II in Surat was revoked by the Gujarat Pollution Control Board (GPCB). The factory in Surat was closed on 29 November 2023 due to a fire.
The company claims that in a correspondence it received today, the GPCB rescinded the closure order. If the conditions are fulfilled, this allows the manufacturing plant to start up at full capacity again.
Aether Industries added that preparations are underway to restart the factory at full capacity. Aether Industries is a prominent player in the specialized chemicals business, with its main office located in Surat, Gujarat. Serving a diverse clientele in both domestic and international markets, the company is well-known for its robust R&D capabilities and innovative manufacturing methods.
The company focuses on manufacturing sophisticated intermediates and specialized chemicals for the materials science, pharmaceutical, and agricultural industries.
Earlier on 30 December, Aether Industries announced the commissioning of their 15 megawatts (MW) solar power project using Auto-Tracker Modules under the Captive Power Producer (CPP) segment. The solar power project was developed in partnership with KPIG Energia Private Ltd, a fully-owned subsidiary of KPI Green Energy Ltd, and the project is now operational.
In addition to significantly reducing the company’s carbon footprint, the solar system is anticipated to save over Rs 15 crore in energy costs annually.
In October, the company and Chemoxy International Ltd., a wholly-owned subsidiary of the SEQENS group, announced a new agreement. The conditions of this arrangement include Aether producing a line of natural bio-based products exclusively for Seqens.
At 1:14 pm, the shares of Aether Industries were trading 0.82% higher at Rs 902.95 on NSE.
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