India Glycols Limited (IGL) and Clariant have created a new joint venture for renewable ethylene oxide (EO) derivatives, the Indian green technology-based chemicals manufacturer said on Thursday.
Originally announced in March 2021, the joint venture combines IGL’s renewable bio-ethylene oxide derivatives business, which includes a multipurpose production facility including an alkoxylation plant located in Kashipur, Uttarakhand (India), with Clariant’s local Industrial and Consumer Specialties business in India, Sri Lanka, Bangladesh and Nepal.
Clariant International Ltd. will be the sole Clariant shareholder with a 51% stake in the JV. IGL along with its subsidiary will hold a 49% stake in the JV.
“I am very pleased with the swift manner in which both parties were able to obtain all necessary regulatory approvals. This allows us to now move ahead and leverage IGL’s position as the largest manufacturer of green EO in the world in a value-generating combination with Clariant”, commented U.S. Bhartia, Chairman of India Glycols Limited.
“The successful closing of this joint venture strengthens our core portfolio and makes Clariant one of the leaders in green ethylene oxide derivatives. As part of our strategy, we are committed to adding value through sustainability. Our partnership with India Glycols will make us one of the leading surfactant suppliers in India, with a focus on renewable solutions for home and personal care’, said Conrad Keijzer, CEO of Clariant.