David Brooks, CEO INEOS Acetyls, commented: "We are delighted to make this announcement today, working with our partner GNFC on this new project. India is recognised as being a key growth market for our products over the coming years and this investment will increase much needed locally produced acetic acid, reducing the country’s reliance on imports.”
Pankaj Joshi, MD GNFC commented that India imports approximately 85% of its annual requirements of acetic acid. Domestication of acetic acid will serve existing demand and provide a required boost to other evolving downstream demands saving precious foreign exchange outgo.
