IG Petrochemicals Ltd. is in advanced stages of negotiations plans to form a joint venture company with USA based Stepan Chemicals to manufacture polyols. Polyol, made from phthalic anhydride, is a foam used in beds and other applications.
After discussions scheduled to be held this week between the two, the JV will be ready for launching in 6 months - post agreement. It is proposed that the JV will initially set up a 25,000 tpa polyol plant at IG Petrochem's plant at Taloja with an investment of over Rs. 100 crores. Stepan Chemicals is the only company in the world with the technology to make polyol from PA.