GNFC (Gujarat Narmada Valley Fertilizers & Chemicals) saw its shares drop 1% on November 21, 2024, after announcing a significant partnership with INEOS Acetyls International Limited, UK. The two companies signed a Memorandum of Understanding (MoU) to establish a 50:50 Joint Venture (JV) in India.
The JV aims to build and operate a state-of-the-art acetic acid (AA) plant, strengthening India’s chemical manufacturing capabilities. Additionally, the agreement includes a joint marketing strategy for distributing AA produced by the venture.
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