GAIL Mangalore Petrochemicals (GMPL), a subsidiary of GAIL (India), has officially renewed its partnership with INEOS, a leading global petrochemicals manufacturer, through an amendment agreement.
This collaboration is aimed at revitalizing GMPL’s 1.25 MMTPA Purified Terephthalic Acid (PTA) manufacturing plant located in the Special Economic Zone (SEZ) of Mangalore. This agreement follows GAIL’s acquisition of JBF Petrochemicals (JBF), via the Corporate Insolvency Resolution Process (CIRP) under the National Company Law Tribunal (NCLT) in June 2023. With this acquisition, GAIL is now tackling the legacy issues and working towards re-establishing the plant’s operational efficiency.
The renewed agreement with INEOS is a key step in re-establishing the plant’s production capabilities, aligning it with current market demands, and contributing to India’s self-reliance goals as part of the Atmanirbhar Bharat initiative. INEOS’s expertise in petrochemical and oil products, is expected to play a significant role in optimizing the plant's operations.
Chairman of GMPL and GAIL Director (HR), Ayush Gupta stated “Through this strategic partnership and renewed focus, GAIL aims to position GMPL as a key player in the domestic PTA market while supporting the country’s growth in petrochemical manufacturing.”
The successful revitalization of the PTA plant represents a crucial development in India’s efforts to boost its domestic production and reduce reliance on imported petrochemical products, aligning with the nation’s vision of economic self-sufficiency and strengthening its manufacturing sector.
