The 51-49% joint venture has received all regulatory approvals and will operate under the name Clariant IGL Specialty Chemicals Private Limited
Clariant and India Glycols Limited (IGL) have announced the successful creation of their 51-49% joint venture for renewable ethylene oxide (EO) derivatives having received all necessary regulatory approvals.
The JV will operate under the name Clariant IGL Specialty Chemicals Private Limited.
Originally announced in March, the JV is now effective and combines IGL’s renewable bio-EO derivatives business, which includes a multipurpose production facility including an alkoxylation plant in Kashipur, Uttarakhand, India, and Clariant’s local Industrial and Consumer Specialties business in India, Sri Lanka, Bangladesh and Nepal.
“The successful closing of this joint venture strengthens our core portfolio and makes Clariant one of the leaders in green ethylene oxide derivatives,” said Conrad Keijzer, CEO of Clariant.
“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.”
“I am very pleased with the swift manner in which both parties were able to obtain all necessary regulatory approvals,” commented US Bhartia, Chairman of India Glycols Limited.
“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.”