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

Reuters

(Reuters) - Speciality chemicals and pharmaceuticals manufacturer Aarti Industries Ltd signed a supply contract with a U.S. affiliate of Saudi Basic Industries Corp (SABIC) 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. (http://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.

($1 = 63.9325 Indian rupees)

(Reporting By Arnab Paul in Bengaluru; Editing by Amrutha Gayathri)