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 $300 million.
BasqueVolt, a developer of solid-state lithium batteries, is headquartered in Minano, in Spain’s Araba/Alava province.
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.
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.