New Delhi, Mar 22 (PTI) Chemicals maker Anupam Rasayan India Ltd on Wednesday signed a memorandum of agreement with the Gujarat government for setting up three new plants in Surat and Bharuch with an investment of Rs 670 crore.

The company aims to commission these plants before 2025.

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"The investment of Rs 670 crore is in line with the strategic move to expand our operations and strengthen our manufacturing capabilities," company's Managing Director Anand Desai said in a statement.

A large part of the plants will focus on manufacturing Fluorochemicals which will service the demands of existing and potential clients catering to agrochemical, polymers and pharma sectors in Japan, Europe and the US.

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Desai said the new units will bolster the company's growth prospects and allow it to diversify its product offering. "We will introduce niche Fluoro derivatives on exclusive basis for the relevant customer," he added.

The company has six manufacturing facilities in Gujarat with four facilities located at Sachin in Surat, while one of them is located at Jhagadia, Bharuch with an aggregate installed capacity of about 27,200 tonne as on December 31, 2022.

Shares of Anupam Rasayan on Wednesday settled 2.83 per cent up at Rs 828.10 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)