Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has entered into a Memorandum of Understanding (MoU) with INEOS Acetyls International, United Kingdom (INEOS) on November 20, 2024 for incorporation of a Joint Venture Company (JVC) in India, by way of subscription to the Share Capital of the JVC, wherein GNFC will be holding 50% of the Share Capital of the JVC and the balance 50% will be held by INEOS.

The MoU is signed to form a JVC which will carry on the business in relation to construction and operation of world scale acetic acid (AA) plant in India, together with a joint marketing agreement for the sale and distribution of AA, manufactured by the JVC in India and such other matters as may be agreed from time to time. The JVC agreement will be executed later. 

Gujarat Narmada Valley Fertilizers & Chemicals is one of India’s leading entities engaged in the manufacturing and selling of fertilizers, industrial chemical products and providing IT services.