IG Petrochemicals has entered into a IV with Dubai Natural Gas Company (DUGAS) to manufacture Maleic Anhydride with a capacity of 45,000 MTPA. The investment will be made through its wholly owned subsidiary IGPL (FZE).

DUGAS is a wholly owned subsidiary of Emirates National Oil Company (ENOC). They are a well diversified large conglomerate with interests in the oil and gas industry.

The JV will be named as ENOC - I G Petrochemicals LLC and the plant will be located at Jebel Ali, Dubai.

IGPL (FZE) will have exclusive marketing rights of the product. The product will be sold in the Middle East and India with a view to expand to other markets including Europe at a later stage.

With the combined strength of ENOC and IGPL, this JV could become a market leader in the future.

Shares of the company gained Rs 7.3, or 5.89%, to settle at Rs 131.30. The total volume of shares traded was 75,796 at the BSE (Tuesday).