INEOS Acetyls, a global leader in Acetic Acid production, and Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC), India’s sole current Acetic Acid producer, have signed a Memorandum of Understanding (MOU) to explore the development of a 600,000-tonne Acetic Acid plant in Bharuch, Gujarat.

This collaboration builds on a technology partnership spanning nearly 30 years and marks a pivotal step towards establishing a joint venture between the two companies. The proposed plant, slated for completion by 2028, aims to address India's heavy reliance on Acetic Acid imports, which currently account for approximately 85% of the nation’s demand.

David Brooks, CEO of INEOS Acetyls, stated:
"We are delighted to make this announcement today, working with our partner GNFC on this significant project. India is recognized as a key growth market for our products in the coming years. This investment will enable much-needed local production, reducing the country’s dependence on imports.”

Pankaj Joshi, Managing Director of GNFC, highlighted the strategic importance of this initiative, aligning with India’s ‘Make in India’ vision. Joshi remarked:
"The domestication of Acetic Acid production will meet existing demand while supporting emerging downstream opportunities, contributing to foreign exchange savings and fostering economic growth."

This partnership underscores a commitment to bolstering India’s chemical manufacturing sector while catering to the growing domestic market.

Source :GNFC