Gujarat Narmada Valley Fertilizers and Chemicals Limited — Updates, 20-11-2024: Press Release

Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) has signed a Memorandum of Understanding (MoU) with INEOS Acetyls International Limited, UK, to establish a joint venture in India. This partnership aims to construct a world-scale acetic acid plant with an anticipated capacity of 600,000 tonnes per year at GNFC's Bharuch facility. This move addresses India's reliance on liquid acetic acid imports, currently at approximately 85% of its demand, and supports the ‘Make in India’ initiative. Project completion is forecast for 2028, allowing for enhanced local production and additional downstream opportunities, which are crucial amidst the increasing market demand. Investors may view this as a significant growth opportunity for GNFC as it diversifies its operations and strengthens its market position in the chemicals segment.