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Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) has announced a board meeting for the signing of a Memorandum of Understanding (MoU) with INEOS Acetyls International Limited to establish a joint venture company in India. Under this initiative, GNFC and INEOS will each hold 50% of the share capital, aiming to construct and operate a world-scale 600kt Acetic Acid plant in Bharuch. This venture is expected to reduce India’s reliance on imported acetic acid, which currently accounts for around 85% of domestic demand, and support the 'Make in India' initiative. The announcement may enhance investor sentiment by presenting a positive outlook on domestic production capabilities and market growth opportunities.
All announcements from Gujarat Narmada Valley Fertilizers and Chemicals Limited