BASF, Adani forms JV evaluate acrylics value chain in India

BASF, Adani forms JV to evaluate acrylics value chain in India

10:46 AM, 17th January 2019
BASF logo
Dr. Martin Brudermüller, Chairman of the Boa.jpgrd of Executive Directors, BASF SE (right) and Gautam Adani, Chairman of the Adani Group, today signed a MoU to evaluate a joint investment.

LUDWIGSHAFEN, GERMANY/AHMEDABAD, INDIA: BASF SE and Adani Group have signed a MoU on the eve of the Vibrant Gujarat Global Summit 2019, to evaluate a major joint investment in the acrylics value chain. This would be BASF’s largest investment in India to date. The designated site would be located at Mundra port in Gujarat, India.

According to the MoU, BASF and Adani want to establish a joint venture in which BASF will hold the majority. The products are predominantly for the Indian market to serve a wide range of local industries, including construction, automotive and coatings, whose growing demand is currently supplied via imports, thus supporting the “Make in India” initiative.

“Our partnership with BASF is a big step forward in enabling our country’s ‘Make in India’ program, as this partnership will allow us to produce in Mundra several of the chemicals along the C3 chemical value chain that we are currently importing. Our ability to deliver renewable power makes this a unique partnership on several fronts.” said Gautam Adani, Chairman of the Adani Group.

“Together with the Adani Group, we would have the opportunity to provide our customers with high-quality chemicals and support them in growing their business. With our production powered by renewable energy, we would be able to minimize our impact on the environment,” said Dr. Martin Brudermüller, Chairman of the Board of Executive Directors, BASF SE.

In line with BASF’s carbon neutral growth strategy, the chemical site in Mundra would be the company’s first CO2-neutral production site. The companies have developed an overall plan including new technologies and the supply of the site with 100% renewable energy. Therefore, in addition to the investment outlined in this MoU, BASF plans to co-invest as a minority partner in a wind and solar park.

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