27 January 2009 15:49 [Source: ICIS news]
NEW DELHI (ICIS news)--Three Indian chemical companies controlled by the Gujarat state government have agreed to establish a petrochemicals joint venture (JV), Gujarat Alkalies and Chemicals Limited (GACL) said on Tuesday.
The JV would set up units to produce phenol, bisphenol, polycarbonate, butyl rubber, nitrile butadiene rubber, acrylonitrile butadiene styrene, styrene butadiene rubber, polybutadiene rubber, ethylene dichloride and polyvinyl chloride.
GACL said it had signed a memorandum of understanding (MoU) with Gujarat State Fertilizers & Chemicals (GSFC) and Gujarat Narmada Valley Fertilizers Company (GNFC) to implement these projects at Dahej in ?xml:namespace>
In its brief disclosure to the stock exchanges, GACL did not reveal information such as project costs and a start-up schedule.
Both GACL and GSFC already have manufacturing facilities at Dahej. GNFC operates its production complex in the same district.
GACL also revealed that the three companies would form another JV with Gujarat Industrial Development Corporation (GIDC) to set up a chemical park housing small and medium enterprises. It did not elaborate on this plan.
In a separate release, GACL managing director Guruprasad Mohapatra said: “New joint venture strategies on new product lines like phenol, acetone, propylene oxide and expansion of hydrogen peroxide are likely to be formalised in due course.”
He added that the company's chloromethanes JV with Dow Chemicals’ Swiss subsidiary Dow Europe was moving ahead on schedule.
The JV - named Dow-GACL SolVenture - is slated to commission its 200,000 tonnes/year chloromethanes plant at Dahej in 2011.
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