New Delhi, Delhi: India Glycols Limited (IGL), a leading company in the manufacturing of green technology-based bulk, specialty, and performance chemicals, and Clariant International Ltd. (Clariant), a focused, sustainable and innovative specialty chemical company completed the creation of their 49-51% joint venture (JV) for renewable ethylene oxide derivatives (EO Derivatives) business. The JV will operate under the name Clariant IGL Specialty Chemicals Private Limited (JV Co). Clariant will hold a 51% stake and IGL along with its subsidiary will hold a 49% stake in the JV Co. Originally announced in March 2021, the joint venture combines IGL’s renewable Bio-EO Derivatives business with Clariant’s local Industrial and Consumer Specialties business in India, Sri Lanka, Bangladesh, and Nepal. 

Chandhiok & Mahajan advised Clariant. The corporate team was led by Pooja Mahajan (Managing Partner) and Kaushalya Venkataraman (Corporate Partner) along with Lovejeet Singh (Managing Associate), and Jagrat Rawal (Associate) while Karan Singh Chandhiok (Head of Competition Law) and Deeksha Manchanda (Competition Partner) advised on competition law aspects.

Khaitan & Co. advised IGL and partner Pashupati Nath acted on the deal along with senior associate Abhiroop De and associates Roshan Aditya Sharma and Yashodhara Chauhan.