India Glycols Ltd (IGL), a leading manufacturer of green technology-based chemicals, has announced a strategic partnership to establish a joint venture with Clariant in renewable ethylene oxide (EO) derivatives.
Clariant is a focused, sustainable and innovative specialty chemical company. IGL is the largest manufacturer of green EO in the world, which is based on a unique and green production process using bio-ethanol.
By combining production and distribution capacity, the joint venture is expected to become a leading supplier of renewable materials to the rapidly growing consumer care market in India and neighbouring countries.
"The partnership is in line with IGL's strategy to promote value-added products through sustainable green chemistry in domestic market while expanding footprints in global markets," said IGL Chairman U S Bhartia.
"IGL will continue to leverage its strength in further developing complex and sustainable chemistry to create value for its shareholders," he said.
Clariant CEO Conrad Keijzer said the partnership with IGL will enhance the capacity of company's industrial and consumer specialties business in India and beyond.
"The access to renewable EO broadens our global offering to customers and this makes Clariant a leader in green EO derivatives," he said in a statement.
Under the terms of agreement, IGL will contribute its renewable bio-EO derivative business to the joint venture, which includes a multi-purpose production facility including an alkoxylation plant located at Kashipur in Uttarakhand.
Clariant will also introduce its local industrial and consumer specialties business in India, Sri Lanka, Bangladesh and Nepal.
( With inputs from ANI )
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