Aether Industries Ltd on Wednesday inaugurated their newly expanded research and development (R&D) centre in Surat, Gujarat.
This centre will serve the growing demand in the contract research and manufacturing services (CRAMS) business segments and underpin the company's efforts to achieve improved efficiency for existing products.
In a press release issued on Wednesday, Aether Industries disclosed that it has invested approximately Rs 33 crore to revamp and grow the size of the R&D centre by three times.
With this move, the company aims to facilitate business expansion into new markets by way of new and innovative products as well as processes for international projects.
The employee count has also grown at the R&D centre, increasing from 164 employees in March 2022 to 193 as of September 30.
The company expects to employ at least 225 individuals at the centre by the end of FY23, creating jobs in South Gujarat for eligible candidates in the chemical and technology segments.
Promoter & Whole-time director Aman Desai said that the new centre will help the company enhance its capabilities to develop products and chemistries for niche markets.
Desai expects the labs at the new centre to be able to operate at full capacity resulting in increased revenue and a boost for the bottom line since the CRAMS business segments have higher EBITDA margins.
Shares of Aether Industries ended 2 percent lower at Rs 945.
(Edited by : Rukmani Krishna)
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