GNFC, INEOS UK to form 50:50 JV to build major acetic acid plant in India
GNFC) on Wednesday said it will form a 50:50 joint venture with Britain's INEOS Acetyls International to build and operate a world-scale acetic acid facility in India. The joint venture will oversee both the plant's operations and coordinate marketing efforts for domestic distribution of acetic acid produced at the facility, the company said in a regulatory filing.
The memorandum of understanding, signed on November 20, provides for equal representation on the board of directors and equivalent subscription rights in the new entity, the company said.
A formal joint venture agreement is expected to be finalised at a later date.
INEOS, a major global acetyls producer, will provide technical expertise while GNFC brings local market knowledge and an established presence in India's chemical sector.
The joint venture company will be classified as an associate company of GNFC once the investment is complete, the filing said.
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