GACL scraps polyols project JV plans with Evonik

GACL scraps polyols project JV plans with Evonik

10:06 AM, 28th November 2012
GACL scraps polyols project JV plans with Evonik

BHARUCH, INDIA: Gujarat Alkalies and Chemicals Ltd (GACL) has scrapped its joint venture plans with German specialty chemicals major, Evonik-Degussa GmbH. The company was planning to invest Rs 2,500 crore ($448.79 million) in JV project to set up a plant to manufacture polyols at its Dahej complex in Bharuch, Gujarat, India. GACL was looking to diversify its existing product portfolio and reduce its dependence on imported caustic soda.

“There were differences over shareholding pattern. We wanted a 50:50 JV with Evonik, while they were interested to have a controlling stake in the JV. Hence, it did not work out and eventually, the plan to form the JV for the polyols project had to be scrapped. Although, we have not dropped our plans to set up the polyols plant at Dahej. Currently, we are exploring right partner for the technical collaboration,” said a top GACL official to Business Standard, an Indian newspaper.

© WOC News 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Altana drops plan to acquire Lantian’s THEIC business

WESEL, GERMANY: Elantas Electrical Insulation, a division of the specialty chemicals group Altana AG, and Changzhou Lantian Ruiqi Chemical Co Ltd (Chi ...

Read more
Ashland appoints Luis Fernandez-Moreno as Vice President

  COVINGTON, US: Ashland Inc has hired Luis Fernandez-Moreno to serve as Vice President of the company and President of Ashland Water Technologi ...

Read more
Invista expands research centre in Delaware, US

NEWARK, US: Invista’s Specialty Materials business expanded its footprint by 20 per cent at the company’s 60,000 square foot Applied Resea ...

Read more
Air Products to expand ultra high-purity nitrogen capacity in Taiwan

LEHIGH VALLEY, US: Air Products San Fu Co Ltd, Taiwan subsidiary of Air Products, will again increase production of ultra high-purity (UHP) nitrogen a ...

Read more
Cabot launches premium carbon black pigments for coatings

BOSTON, US: Cabot Corporation launched EMPEROR 1600 and EMPEROR 1200, premium carbon black pigments for coatings applications where exceptional colour ...

Read more
Lubrizol introduces series of fully formulated industrial lubricants

CLEVELAND, US: The Lubrizol Corporation recently introduced a series of fully formulated industrial lubricants that meet the daunting Siemens MD speci ...

Read more