INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) have signed an MOU to discover the feasibility to build a new world scale, 600kt Acetic Acid plant at GNFC’s site in Bharuch, Gujarat, India
INEOS Acetyls are a leading producer of Acetic Acid globally and GNFC is the current manufacturer of Acetic Acid in India. The two corporations have held a technology partnership for near 30 years but will now set up a new joint project which will manage bringing this project to marketplace, currently forecast in 2028.
David Brooks, CEO INEOS Acetyls commented “We are extremely joyful to make this announcement today, working with our accomplice GNFC on this new venture. India is regarded as being a key growth market for our products over the coming years and this funding will increase much needed locally produced acetic acid, reducing the country’s reliance on imports.”
Pankaj Joshi, MD GNFC commented that India imports ~85% of its annual requirements of Acetic Acid. The proposed JV is anticipated to acquire objective of ‘Make in India’. Domestication of Acetic Acid will serve existing demand and offer required raise to other evolving downstream needs saving precious foreign exchange outgo.
Shares of Gujarat Narmada Valley Fertilizers and Chemicals Limited was last trading in BSE at Rs. 561.15 as compared to the previous close of Rs. 557.90. The overall range of shares traded during the day was 20957 in over 1227 trades.
