December 29, 2017 / 7:12 AM / 23 days ago

India's Aarti Industries signs 100 billion-rupee contract with SABIC's U.S. unit

(Reuters) - Speciality chemicals and pharmaceuticals manufacturer Aarti Industries Ltd (ARTI.NS) signed a supply contract with a U.S. affiliate of Saudi Basic Industries Corp (SABIC) (2010.SE) worth 100 billion rupees ($1.56 billion).

Aarti Industries will supply a high value speciality chemical intermediate to SABIC Innovative Plastics US LLC over a period of 20 years. (bit.ly/2C72hFz)

    Aarti will invest around $35 million to $40 million to set up a manufacturing facility in Gujarat which will be used as an export-only unit.

    Shares of the Mumbai-based company were up 5.7 percent, as of 0651 GMT, after rising as much as 8.1 percent.

    Reporting By Arnab Paul in Bengaluru; Editing by Amrutha Gayathri

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