GAIL (India) Limited — Updates, 28-11-2024: Press Release

GAIL (India) Limited has re-engaged with Process Licensor INEOS to revitalize its Purified Terephthalic Acid (PTA) manufacturing plant in Mangalore, formalizing the partnership through an Amendment Agreement. This plant, with a capacity of 1.25 MMTPA, is situated in a Special Economic Zone (SEZ) and aims to address the legacy challenges following GAIL's acquisition of JBF Petrochemicals through the Corporate Insolvency Resolution Process in June 2023. The renewed collaboration is set to enhance operational efficiency and align production with market demand, ultimately contributing to India's self-reliance in petrochemical manufacturing and reducing import dependence. This strategic move positions GAIL to strengthen its presence in the domestic PTA market, creating potential growth opportunities for the company and its shareholders.