Aether Industries has executed a Strategic Supply Agreement (SSA) with Baker Hughes. The SSA was executed on 25 June 2024 in USA. The effective date of the agreement is 25 June 2024; the initial term is 5 years, extendable by 3 additional one year terms, and thereafter extendable on yearly basis.
A total of 6 products are included in the SSA for contract manufacturing by Aether Industries for Baker Hughes. All 6 products will be manufactured by Aether Industries for the first time in India and will be supplied to the global locations of Baker Hughes, with a significant supply dedicated for Indian domestic oil and gas applications. This project thus also represents a significant project for the “Make in India” platform.
Most products will be manufactured by Aether Industries' 100% wholly owned subsidiary, Aether Speciality Chemicals, wherein the required assets, plants, and machineries have already been installed for the contract manufacturing of said products.