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 



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