Anupam Rasayan signs USD 300 mn LOI with Spain's BasqueVolt for battery chemical supply

New Delhi: Anupam Rasayan India Ltd said on Wednesday it has signed a non-binding Letter of Intent (LOI) with Spanish solid-state battery developer BasqueVolt SA to explore supplying a specialty chemical product over a period of up to 10 years, in a deal that could generate cumulative revenue of USD 300 million.

BasqueVolt, a developer of solid-state lithium batteries, is headquartered in Minano, in Spain's Araba/Alava province.

Anupam Rasayan signs USD 300 mn LOI with Spain's BasqueVolt for battery chemical supply


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The company said the LOI was preliminary and any supply agreement would depend on successful product development and the negotiation of a definitive supply contract.

Anand Desai, Managing Director of Anupam Rasayan, said the agreement reflected the company's push into the electronic chemicals segment.

"Our continued investments in R&D, process capabilities, and customer-centric innovation position us well to capture emerging opportunities in this space," he said in a statement.

Anupam Rasayan, incorporated in 1984, manufactures specialty chemicals across two segments: life science-related chemicals for agrochemicals, personal care and pharmaceuticals, and performance materials covering electronics, EV chemicals and polymers.

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The company supplies more than 75 domestic and international customers, including 31 multinational firms, from six manufacturing facilities in Gujarat - four in Sachin, Surat, and two in Jhagadia, Bharuch - with combined installed capacity of about 30,000 tonnes as of March 31, 2026.