(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. (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