Anupam Rasayan To Supply EV Battery Chemicals To Elementium From Fiscal 2026
Upon successful product development, the two companies will negotiate a five-year supply agreement with cumulative sales ranging between $350 million and $450 million.
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(Photo source: freepik)
Speciality chemicals maker Anupam Rasayan on Friday said it has signed a letter of intent with US-based Elementium Materials Inc to supply chemicals used in electric vehicle batteries. The supply is expected to commence from the end of fiscal 2026, the company said in a regulatory filing.
Upon successful product development, the two companies will negotiate a five-year supply agreement with cumulative sales ranging between $350 million and $450 million.
"This product will play a crucial role in enabling the customer to achieve its mission of manufacturing low-cost and high-performance EV batteries," said Anand Desai, Managing Director of Anupam Rasayan.
The company said initial quantities would be supplied through existing manufacturing facilities while achieving full potential will require setting up a new plant.
Elementium Materials CEO Matthew Dawson said the partnership was 'a key step in Elementium's strategy to build a diversified and resilient global supply chain'.
Shares of Anupam Rasayan were trading up by 1.21% at Rs 635.95 apiece at 1300 hours on the BSE on Friday.
