Anupam Rasayan to Supply EV Battery Chemicals to US Firm

New Delhi, Feb 28 (PTI) Speciality chemicals maker Anupam Rasayan on Friday said it has signed a letter of intent (LOI) with US-based Elementium Materials Inc to supply chemicals used in electric vehicle (EV) 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 USD 350 million and USD 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 per cent at Rs 635.95 apiece at 1300 hours on the BSE on Friday.