BASF SE, headquartered in Ludwigshafen, Germany (\u201cBASF\u201d) and Adani Group (\u201cAdani\u201d) 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\u2019s 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.<\/p>\n
According to the MoU, BASF and Adani want to establish a joint venture with an investment totaling about \u20ac2 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 \u201cMake in India\u201d initiative.<\/p>\n
On this occasion, Gautam Adani, Chairman of the Adani Group, said, \u201cIndia continues to be a very large importer of petrochemicals given the rapid expansion of the middle class, and this leads to a significant outflow of precious foreign exchange. Our partnership with BASF is a big step forward in enabling our country\u2019s \u2018Make in India\u2019 program, as this partnership will allow us to produce in Mundra several of the chemicals along the C3 chemical value chain that we are currently importing. Mundra’s infrastructure is ideally suited to enable chemicals production, and our ability to deliver renewable power makes this a unique partnership on several fronts.\u201d<\/p>\n
\u201cBASF\u2019s intention to invest in a major new site for the acrylics value chain in India clearly demonstrates our strong and long-term commitment to our Indian customers. Together with the Adani Group, we would have the opportunity to provide our customers with high-quality chemicals and support them in growing their business. With our production powered by renewable energy, we would be able to minimize our impact on the environment,\u201d said Dr. Martin Bruderm\u00fcller, Chairman of the Board of Executive Directors, BASF SE.<\/p>\n
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BASF SE, headquartered in Ludwigshafen, Germany (\u201cBASF\u201d) and Adani Group (\u201cAdani\u201d) 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\u2019s largest investment in India to date. The designated site would be located […]<\/p>\n","protected":false},"author":3,"featured_media":3684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8],"tags":[3263,3244,3262],"class_list":["post-3681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india-inc","tag-acrylics","tag-adani","tag-basf"],"aioseo_notices":[],"yoast_head":"\n