Originally announced in March 2021, the joint venture combines IGL's renewable bio-ethylene oxide derivatives business, which includes a multipurpose production facility including an alkoxylation plant located in Kashipur, Uttarakhand (India), with Clariant's local Industrial and Consumer Specialties business in India, Sri Lanka, Bangladesh and Nepal.

Clariant International will be the sole Clariant shareholder with a 51% stake in the JV. IGL along with its subsidiary will hold a 49% stake in the JV. Both companies would appoint equal board members for the operation of JV and U.S. Bhartia would be the chairman of the Board.

The JV's production facilities in India will supply to local and global markets, creating one of the largest Green-focused specialty chemicals (EO Derivative) companies. The combining of production and distribution capacities will make this JV a leader in green ethylene oxide derivatives and become a key supplier of these renewable materials to the rapidly growing consumer care market in India and her neighboring countries. To support the manufacturing in this entity, IGL has agreed to a long-term supply agreement for ethylene oxide made from bio-ethanol and certain utilities.

The JV company has approximately 200 employees.