INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) have signed an MOU to explore 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 only current producer of Acetic Acid in India. The two companies have held a technology partnership for close to 30 years but will now establish a new joint venture which will manage bringing this project to market, currently forecast in 2028.
David Brooks, CEO INEOS Acetyls commented “We are delighted to make this announcement today, working with our partner GNFC on this new project. India is recognised as being a key growth market for our products over the coming years and this investment 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 expected to achieve objective of ‘Make in India’. Domestication of Acetic Acid will serve existing demand and provide required boost to other evolving downstream demands saving precious foreign exchange outgo.
Note: The content of this press release has not been edited by Fibre2Fashion staff.
INEOS Acetyls and GNFC will form a JV to build a 600kt Acetic Acid plant in Bharuch, Gujarat, by 2028.
Leveraging a 30-year partnership, this project aims to meet India’s growing demand, reducing 85 per cent import reliance.
CEO David Brooks highlights local production benefits, while MD Pankaj Joshi stresses alignment with ‘Make in India’ and foreign exchange savings.
Fibre2Fashion News Desk (HU)
