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GAIL re-engages Process Licensor for revival of PTA Manufacturing Plant
28th November 2024
GAIL (India) Limited, through its wholly owned subsidiary GAIL Mangalore Petrochemicals Limited (GMPL), has re-engaged with Process Licensor INEOS to support the plant's revitalization, formalizing renewed collaboration through an Amendment Agreement
This marks a significant step towards the revival of GMPL’s 1.25 MMTPA Purified Terephthalic Acid (PTA) manufacturing plant located in the Special Economic Zone (SEZ), Mangalore
As per GAIL, this collaboration marks a pivotal development in the efforts to bring the PTA plant back into production. The original agreement with INEOS was executed by JBF Petrochemicals (JBF), which could not be realized due to insolvency proceedings. Following GAIL's acquisition of JBF through the Corporate Insolvency Resolution Process (CIRP) under the National Company Law Tribunal (NCLT) in June 2023, the company is now working to overcome the legacy challenges and ensure the plant’s successful on-streaming and long-term operational stability
The amended agreement with INEOS is expected to enhance the plant's operational efficiency, align production capabilities with market demand, and contribute to India’s vision of self-reliance as part of the Government of India’s Atmanirbhar Bharat initiative
INEOS Group is a global manufacturer of petrochemicals, speciality chemicals and oil products