GNFC signs MoU with INEOS for incorporation of joint venture company in India

Aman Shukla — Wed, 20 Nov 2024 11:37:22 +0000

Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) has recently informed exchanges that the company entered into a Memorandum of Understanding (MoU) with INEOS Acetyls International Limited, UK, on November 20, 2024. The agreement is aimed at forming a Joint Venture (JV) in India, with each party holding a 50% share in the venture.

The primary objective of this JV is to construct and operate a world-scale acetic acid (AA) plant in India, along with a joint marketing agreement for the distribution of AA produced by the JV.

Key details of the MoU include:

GNFC and INEOS will each hold 50% of the JV’s share capital.
Both parties have rights to appoint directors and make key decisions regarding share subscription and capital structure.
The agreement does not fall under related party transactions, although post-investment, the JV will become an associate company of GNFC.

INEOS | Business Upturn

GNFC signs MoU with INEOS for incorporation of joint venture company in India