AkzoNobel has signed a letter of intent to create a potential joint venture with Atul. The companies would collaborate in the production of monochloroacetic acid (MCA) in India, a chemical widely used in personal care and cosmetics products as a thickening agent.
The partnership would see the two companies install a world-scale MCA plant at Atul’s facility in Gujarat, lending further weight to Atul’s reputation as a leading supplier of crop protection chemicals and strengthening AkzoNobel’s leading global position in MCA.
The intended joint venture will produce MCA from chlorine and hydrogen manufactured by Atul. The proposed plant would mainly serve the Indian MCA market.
“As a company we are committed to achieving growth in India and this cooperation presents a unique opportunity for us to participate in the Indian MCA market,” said Werner Fuhrmann, the Executive Committee Member responsible for Specialty Chemicals at AkzoNobel.
Sunil Lalbhai, Chairman and Managing Director at Atul added, “We are extremely passionate about taking forward the Make in India initiative led by our honourable Prime Minister, Shri Narendra Modi, by bringing in state-of-the-art, eco-friendly technologies from world-class companies.”