India's Chemical Landscape Expands with New Acetic Acid Venture

GNFC has partnered with INEOS Acetyls International to establish a joint venture in India. The agreement aims to build a large-scale acetic acid facility, enhancing India's chemical production. The joint venture will equally represent both companies, with INEOS providing technical expertise and GNFC utilizing its local market knowledge.

Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) announced a 50:50 joint venture with Britain's INEOS Acetyls International, aiming to construct and operate a major acetic acid facility in India.

The newly formed entity will manage plant operations and handle the domestic marketing of acetic acid. This collaboration will see equal board representation and investment rights, as outlined in a memorandum signed on November 20, with a formal agreement to follow.

INEOS, a leading acetyls manufacturer, will offer technological expertise while GNFC contributes its established local industry presence. This venture, classified as an associate company of GNFC, marks a significant step in bolstering India's chemical manufacturing capabilities.

(With inputs from agencies.)