January 17, 2019 | BASF
Ludwigshafen, Germany, and Ahmedabad, India – January 17, 2019– BASF SE, headquartered in Ludwigshafen, Germany (“BASF”) and Adani Group (“Adani”) have signed a Memorandum of Understanding (MoU) on the eve of the Vibrant Gujarat Global Summit 2019, to evaluate a major joint investment in the acrylics value chain. This would be BASF’s largest investment in India to date. The designated site would be located at Mundra port in Gujarat, India. A feasibility study will be completed by the end of 2019.
According to the MoU, BASF and Adani want to establish a joint venture with an investment totaling about €2 billion (approximately INR 16,000 crore), in which BASF will hold the majority. The potential investment comprises the development, construction and operation of production plants including propane dehydrogenation (PDH), oxo C4 complex (butanols and 2-ethylhexanol), glacial acrylic acid (GAA), butyl acrylate (BA) and potentially other downstream products. The products are predominantly for the Indian market to serve a wide range of local industries, including construction, automotive and coatings, whose growing demand is currently supplied via imports, thus supporting the “Make in India” initiative.
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