Covestro completed the acquisition of two former Vencorex production facilities for hexamethylene diisocyanate (HDI) derivatives located in Rayong, Thailand, and Freeport, Texas, USA. The strategic move strengthens the company’s global manufacturing network and enhances its ability to serve customers in the coatings and adhesives industry with greater flexibility, reliability, and regional supply. By integrating the two facilities into its production network, Covestro is reinforcing its long-term commitment to key growth markets in Asia and North America while expanding capacity for high-performance polyurethane raw materials.

Strengthening Regional Supply Capabilities

The acquisition significantly expands Covestro’s production footprint for HDI derivatives, enabling the company to manufacture closer to customers and improve supply chain resilience. With manufacturing facilities strategically located in Thailand and the United States, Covestro can respond more efficiently to regional market demand while minimizing supply disruptions. The expanded footprint also supports faster deliveries and greater operational flexibility for customers operating in increasingly dynamic global markets.

HDI Derivatives Power High-Performance Applications

HDI derivatives are critical raw materials used in the production of high-performance polyurethane coatings, adhesives, and sealants. These specialty chemicals deliver excellent durability, weather resistance, and chemical protection, making them essential for a wide range of industrial applications. Key end-use sectors include automotive coatings, protective infrastructure coatings, marine coatings, wood and furniture finishes, electronics, industrial adhesives and sealants and other high-performance industrial applications. As demand for advanced coatings continues to grow, expanding production capacity for HDI derivatives positions Covestro to better support customers across these industries.

Covestro Enhances Customer Support and Supply Reliability

Thomas Roemer, Head of the Business Entity Coatings and Adhesives at Covestro, said the new facilities will strengthen the company’s regional manufacturing capabilities. “By adding these sites in Thailand and the US, we are strengthening our regional production capabilities and improving our ability to supply customers from locations close to them.” He added that reliable supply, regional availability, and strong technical expertise have become increasingly important for customers, particularly in today’s challenging market environment. According to Roemer, the acquisition enables Covestro to deliver improved service while strengthening long-term customer partnerships.

Complementing a Global Production Network

The newly acquired facilities complement Covestro’s existing HDI derivatives manufacturing network across Europe, Asia, and North America. By adding production capacity in strategically important regions, the company will be better positioned to respond to growing customer demand while supporting future expansion in high-performance and more sustainable coatings and adhesives applications. The broader manufacturing footprint also enhances operational resilience and improves business continuity across global markets.

Reinforcing Long-Term Customer Relationships

Monique Buch, Chief Commercial Officer at Covestro, emphasized the company’s commitment to delivering consistent value to customers. “Strong customer relationships are built on trust, reliability and the ability to deliver value over time.” She noted that the acquisition strengthens Covestro’s position in a market where customers increasingly depend on consistent product quality, regional manufacturing capabilities, dependable supply chains, and technical application expertise.

Building on a Broader Growth Strategy

The acquisition represents another important step in Covestro’s long-term growth strategy for the coatings and adhesives sector. It follows the company’s earlier acquisition of DSM’s Resins & Functional Materials business, alongside continued investments in expanding its organic manufacturing capabilities. Together, these strategic initiatives demonstrate Covestro’s commitment to strengthening its specialty chemicals portfolio and reinforcing its leadership position in global coatings and adhesives markets.

Supporting Future Growth in Coatings and Adhesives

With the successful integration of the former Vencorex production sites, Covestro has further strengthened its ability to meet rising global demand for advanced coating and adhesive solutions. The expanded manufacturing network will enable the company to provide customers with greater supply security, improved regional access, and enhanced technical support while advancing innovation in high-performance and sustainable polyurethane technologies. As per the press release, as industries continue to prioritize durability, efficiency, and environmental performance, Covestro is well positioned to support the evolving needs of the global coatings and adhesives industry.

Global paints and coatings company AkzoNobel achieved its ambitious goal of reducing Scope 1 and Scope 2 carbon emissions by 50%, reaching the milestone four years ahead of its 2030 target. The achievement marks a significant step in the company’s journey toward becoming carbon neutral by 2050 and reinforces its commitment to sustainable manufacturing.

The target, established in 2020 and validated by the Science Based Targets initiative (SBTi), was measured against the company’s 2018 emissions baseline. Achieving the goal well ahead of schedule highlights how sustainability has become an integral part of AkzoNobel’s global operations and business strategy.

Sustainability Embedded Across Operations

Over the past several years, AkzoNobel has integrated carbon reduction initiatives into its day-to-day operations, enabling the company to significantly lower emissions across its manufacturing network. Today, the company operates on 100% renewable electricity across North America, Latin America, and Europe, covering approximately 69% of its manufacturing sites. More recently, AkzoNobel completed its transition to renewable electricity in South Africa and Vietnam, bringing the total number of locations powered entirely by renewable electricity to 92 worldwide. These initiatives have played a crucial role in helping the company achieve its emissions reduction target well ahead of schedule.

Leadership Focused on Climate Action

Wijnand Bruinsma, Director of Sustainability at AkzoNobel, said the company remains committed to leading the industry’s transition toward a low-carbon future. “We set out a clear vision to become carbon neutral by 2050 and we’re very proud to have taken an important step towards realizing that goal.” He added that AkzoNobel aims not only to lead the global paints and coatings industry through innovation but also to set benchmarks in sustainability. According to Bruinsma, reducing emissions within the company’s own operations is essential to encouraging suppliers, customers, and other stakeholders across the value chain to accelerate their own decarbonisation efforts.

Renewable Energy Investments Drive Emissions Reduction

One of the most significant contributors to AkzoNobel’s emissions reduction programme has been its manufacturing facility in Pilawa, Poland. The company recently invested €1.7 million to replace conventional gas-fired boilers at the site with high-efficiency heat pumps, significantly reducing direct greenhouse gas emissions. In addition, the facility hosts AkzoNobel’s largest solar energy installation in Europe. Operational since 2024, the solar plant comprises 3,551 photovoltaic panels, generating renewable electricity to support the site’s manufacturing activities while reducing dependence on fossil fuels. These investments demonstrate the company’s continued focus on improving energy efficiency and expanding renewable energy adoption across its operations.

Next Focus: Reducing Scope 3 Emissions

While AkzoNobel has successfully achieved its Scope 1 and Scope 2 emissions target, the company is now intensifying efforts to reduce Scope 3 emissions across its broader value chain. The company has set an equally ambitious goal of halving value chain carbon emissions by 2030. However, achieving this target presents greater complexity because Scope 3 emissions include those generated by suppliers, logistics providers, customers, and product use throughout the lifecycle. Bruinsma acknowledged the challenge but emphasized that AkzoNobel continues to work closely with suppliers, customers, and industry partners to accelerate progress.

Digital Innovation Supports Customer Sustainability

As part of its broader sustainability strategy, AkzoNobel is also developing solutions that help customers reduce their own environmental footprint. A recent example is the Eco+ Cure Energy Calculator, launched under the company’s Interpon powder coatings brand. The digital tool analyses operational parameters—including gas consumption, oven temperatures, and production throughput—to help manufacturers reduce energy consumption, lower operating costs, decrease carbon emissions and improve production efficiency. By providing actionable insights, the solution enables customers to make informed operational decisions while supporting their own decarbonisation objectives.

Advancing Toward a Net-Zero Future

AkzoNobel’s early achievement of its 50% carbon emissions reduction target underscores the company’s long-term commitment to climate action and sustainable industrial growth. With renewable energy adoption, energy-efficient manufacturing technologies, and collaborative initiatives across its value chain, the company continues to build momentum toward its 2050 carbon neutrality goal. As per the press release, as industries worldwide accelerate their transition to low-carbon operations, AkzoNobel’s progress demonstrates how strategic investments and operational innovation can deliver measurable environmental impact while supporting long-term business resilience.

Bharat Petroleum Corporation Limited (BPCL) has signed definitive agreements to acquire the remaining 34.6% stake in IBV Brazil Petroleo Limitada through its indirect wholly owned subsidiary, BPRL Ventures BV. The stake is currently held by Videocon Energy Brazil Limited (VEBL). Upon completion of the transaction, BPCL will gain 100% ownership of its Brazil-based oil and gas venture, further strengthening its international upstream portfolio.

Government Approvals Received; Brazilian Registration Pending

BPCL stated that it has already secured all the necessary approvals from the Government of India for the acquisition. However, the transaction remains subject to the required registration and regulatory formalities with the appropriate authorities in Brazil. Once these are completed, IBV Brazil Petroleo Limitada will become a wholly owned subsidiary of BPRL Ventures BV. Before signing the definitive agreements, BPRL Ventures BV held a 65.40% stake in the Brazilian company.

Acquisition Strengthens Energy Security and Upstream Presence

IBV Brazil Petroleo Limitada holds participating interests in several oil and gas concessions in Brazil, including the BM-Seal-11 concession, which is currently undergoing development activities. BPCL believes that acquiring full ownership of the company will strengthen its overseas upstream business while contributing to India’s long-term energy security by enhancing access to international hydrocarbon assets.

BPCL to Announce Further Details After Transaction Closure

The company said it will provide additional information regarding the acquisition once the necessary registrations and legal formalities in Brazil are completed. As reported by thehindubusinessline.com, with this strategic acquisition, BPCL continues to expand its global exploration and production portfolio, reinforcing its commitment to securing long-term energy resources and supporting India’s growing energy demand through international upstream investments.

Engineers India Limited (EIL), one of India’s leading engineering consultancy and engineering, procurement and construction (EPC) companies, appointed Atul Gupta as its new Chairman and Managing Director (CMD) with effect from June 29, 2026. The appointment marks a key leadership transition for the state-owned engineering company following the retirement of former CMD Vartika Shukla.

Appointment Approved by Board Following Ministry Communication

The appointment was made pursuant to a communication from the Ministry of Petroleum and Natural Gas (MoPNG) and was subsequently noted and approved by the Board of Directors of Engineers India Limited. Prior to assuming the top leadership role, Gupta served as Director (Commercial) at EIL, where he played a key role in driving the company’s commercial strategy and business operations.

New Leadership to Guide EIL’s Next Phase of Growth

As reported by indianmasterminds.com, Atul Gupta’s appointment is expected to provide strategic continuity while steering Engineers India Limited through its next phase of growth, with a continued focus on engineering excellence, EPC project execution, energy transition, and infrastructure development in India and overseas.

India is poised to achieve a major milestone in its clean energy transition with the inauguration of first integrated first-generation (1G) and second-generation (2G) bio-ethanol refinery in Bargarh district, Odisha. The ₹1,775 crore refinery will have an annual production capacity of 6.3 crore litres of ethanol. The facility is expected to significantly strengthen India’s biofuel ecosystem while enhancing the country’s energy security and reducing dependence on fossil fuels.

First Commercial Facility Integrating 1G and 2G Ethanol Production

Developed by Bharat Petroleum Corporation Limited (BPCL), the refinery is the first commercial plant in India to integrate both 1G and 2G ethanol production technologies within a single facility. The integrated approach enables the plant to produce ethanol from both conventional feedstocks and agricultural residues, improving production flexibility while supporting a more sustainable biofuel value chain.

Converting Agricultural Waste into Clean Fuel

A key highlight of the project is its ability to commercially produce second-generation (2G) ethanol using paddy straw and other lignocellulosic agricultural residues. By converting crop residue into renewable fuel, the refinery will help reduce stubble burning, minimize environmental pollution, generate additional income opportunities for farmers, and promote the circular utilization of agricultural waste.

Supporting India’s Renewable Energy and Sustainability Goals

The commissioning of the integrated refinery marks a significant step in expanding India’s sustainable biofuel production capacity. By combining advanced ethanol technologies with efficient biomass utilization, the facility is expected to play a vital role in achieving the nation’s ethanol blending targets, reducing greenhouse gas emissions, and strengthening the transition toward a low-carbon energy future. As reported by chinimandi.com, as India continues to invest in renewable fuels and circular economy initiatives, the Bargarh refinery stands as a landmark project that demonstrates the commercial viability of advanced biofuel technologies while contributing to long-term energy security and environmental sustainability.

GRE Renew Enertech Limited bagged a Letter of Award (LOA) from Solarium Green Energy Limited for the execution of engineering, procurement and construction (EPC) works for a utility-scale ground-mounted solar photovoltaic (PV) project. The contract marks another significant milestone for the company as it continues to expand its footprint in India’s fast-growing renewable energy sector.

Comprehensive EPC Scope Covers Civil, Electrical and Infrastructure Works

GRE Renew Enertech will execute turnkey EPC works for the development of an approximately 50 MW AC / 65 MW DC ground-mounted solar PV project. The company’s scope of work includes civil construction, structural works, electrical installation and associated infrastructure and allied project works. By delivering the project on a turnkey basis, GRE Renew Enertech will oversee every stage of execution, ensuring seamless project implementation from engineering and procurement to construction and commissioning.

Three-Year Operations and Maintenance Included

In addition to the EPC contract, the Letter of Award includes operations and maintenance (O&M) services for a period of three years, in accordance with the terms and conditions of the agreement. The O&M responsibility will help ensure reliable plant performance, efficient operations and long-term asset optimization following project completion.

Strengthening Presence in India’s Renewable Energy Market

The latest order further reinforces GRE Renew Enertech’s position in the renewable energy industry while expanding its portfolio of utility-scale solar EPC projects. As reported by newsonprojects.com, as India continues to accelerate investments in clean energy infrastructure, the company is well positioned to capitalize on growing opportunities in large-scale solar project development and contribute to the country’s renewable energy transition.

Kurita Industries Ltd. partnered with Membrane Group India Private Limited to establish Kurita Membrane India Private Limited, a joint venture dedicated to delivering advanced water treatment solutions for India’s rapidly expanding electronics and semiconductor industries. The new company combines Kurita’s global expertise in industrial water treatment with Membrane Group’s extensive engineering and project execution capabilities in India. Headquartered in Gurugram, Haryana, Membrane Group has built a strong reputation in the design, manufacturing, installation, and servicing of water treatment equipment across multiple industrial sectors. Through this strategic collaboration, the partners aim to meet the growing demand for high-performance water management solutions that are critical to semiconductor manufacturing.

India Emerges as a Global Semiconductor Manufacturing Hub

The launch of the joint venture comes at a time when India’s semiconductor sector is witnessing unprecedented growth. Rising demand for semiconductors, driven by the rapid adoption of generative AI, electric vehicles, consumer electronics, and digital technologies, has prompted global manufacturers to diversify their production bases. At the same time, the Indian government’s proactive policies to attract semiconductor investments have accelerated the country’s emergence as a key manufacturing destination. According to industry estimates, India’s semiconductor market is expected to grow from approximately $15 billion in 2020 to more than $64 billion by 2026, before reaching $110 billion by 2030.

Combining Global Technology with Local Engineering Expertise

The joint venture leverages the complementary strengths of both partners. While Kurita contributes its globally proven water treatment technologies, products, and specialized services, Membrane Group India brings decades of experience in engineering, manufacturing, project execution, commissioning, and lifecycle support within the Indian market.

Moreover, Membrane Group’s long-standing relationships with industrial customers and deep understanding of local business requirements will enable the joint venture to deliver customized, cost-effective, and environmentally sustainable solutions tailored to India’s electronics manufacturing sector.

As per the press release, as India continues to invest heavily in semiconductor production and high-tech manufacturing, the joint venture is well positioned to support the industry’s growing demand for sustainable, high-performance water treatment and wastewater management solutions while contributing to the country’s vision of becoming a global semiconductor manufacturing powerhouse.

INOX Air Products Private Limited (INOXAP) entered into a long-term partnership with Insolation Green Energy Private Limited (INA Solar), a subsidiary of Insolation Energy Limited, to supply
ultra-high purity (UHP) nitrogen for its upcoming 4.5 GW solar cell manufacturing facility in Narmadapuram, Madhya Pradesh. The collaboration reinforces INOXAP’s strategic focus on supporting high-growth industries such as solar energy, semiconductors, and electronics, where reliable supplies of high-purity industrial gases are essential for advanced manufacturing.

Dedicated Pipeline to Ensure Continuous UHP Nitrogen Supply

As part of the agreement, INOX Air Products will supply 2,400 Nm³/hr of ultra-high purity nitrogen to INA Solar’s manufacturing facility through a dedicated direct pipeline. To support uninterrupted operations, INOXAP will invest in and develop a dedicated pipeline network connecting its existing Air Separation Unit (ASU) in Narmadapuram to the solar cell plant. The infrastructure will ensure a continuous and reliable supply of nitrogen, enabling the facility to maintain stringent manufacturing and quality standards.

Building on a Strong Track Record in High-Tech Manufacturing

The partnership with INA Solar further strengthens INOX Air Products’ growing presence in India’s clean energy and advanced manufacturing sectors. Previously, the company signed a long-term agreement with Grew Energy Private Limited to supply ultra-high purity nitrogen for its 3 GW Solar PV Cell manufacturing facility, also located in Narmadapuram, Madhya Pradesh.

In addition, INOXAP partnered with The Advanced Carbons Company (TACC) Limited to establish an on-site nitrogen plant for TACC’s upcoming greenfield manufacturing facility in Dewas, Madhya Pradesh. The project is being developed under a Build, Own and Operate (BOO) model, ensuring a safe, reliable and uninterrupted supply of high-purity nitrogen tailored to TACC’s manufacturing requirements.

Industry Leaders Highlight

Diganta Sarma, Head – Strategy and Business Development, INOX Air Products, said, “Through this long-term agreement, INOX Air Products intends to leverage its existing capabilities in Narmadapuram and make significant investments in dedicated pipeline infrastructure to ensure a reliable supply of ultra-high-purity nitrogen for advanced solar panel manufacturing.”

Vikas Jain, Managing Director, Insolation Green Energy Private Limited, added, “At INA Solar, we are committed to advancing India’s clean energy ambitions through world-class solar panel manufacturing capabilities. Our partnership with INOXAP strengthens this foundation by securing a dependable supply of ultra-high-purity nitrogen, an essential component in our manufacturing processes.”

Supporting India’s Clean Energy and Manufacturing Ambitions

The latest partnership reflects the increasing demand for specialized industrial gases as India rapidly expands its domestic solar manufacturing capacity. As reported by saurenergy.com, by investing in dedicated infrastructure and long-term supply agreements, INOX Air Products is positioning itself as a key enabler of the country’s renewable energy ecosystem while supporting the growth of next-generation manufacturing industries, including solar photovoltaics, semiconductors, and advanced electronics.

BASF successfully completed its previously announced coatings business transaction with Carlyle, marking a significant milestone in the company’s ongoing portfolio transformation strategy. The deal, first announced on October 10, 2025, officially closed on June 30, 2026, after receiving all necessary regulatory approvals.

The transaction was completed at an enterprise value of €7.7 billion, with BASF receiving approximately €5.8 billion in pre-tax cash proceeds on the closing date. As part of the agreement, BASF has retained a 40 percent equity stake in Surventis, the newly established company formerly known as BASF Coatings. Surventis now comprises BASF’s automotive OEM coatings, automotive refinish coatings, and surface treatment businesses, positioning it as an independent player in the global coatings market.

Transaction Values Former Coatings Division at €8.7 Billion

The completion of this transaction, together with the divestiture of BASF’s decorative paints business in October 2025, places the total enterprise value of the company’s former coatings division at €8.7 billion. The combined transactions imply an approximately 13x enterprise
value-to-EBITDA multiple (before special items) for 2024, highlighting the strong market valuation of BASF’s coatings portfolio.

BASF Sharpens Strategic Focus While Retaining Future Growth Potential

Dr. Markus Kamieth, Chairman of the Board of Executive Directors of BASF SE, emphasized that the deal represents an important step in the company’s long-term transformation strategy. “This successful closing marks a key milestone in the execution of our Winning Ways strategy aimed at unlocking the value of our standalone businesses,” said Dr. Kamieth. “By holding a 40 percent equity stake, we will continue to participate in the future value creation of the coatings business while sharpening BASF’s strategic focus.”

Surventis Positioned for Independent Growth

BASF believes the new ownership structure will enable Surventis to pursue accelerated growth while operating independently. Anup Kothari, Member of the Board of Executive Directors of BASF SE, expressed confidence in the future of the business and acknowledged the employees transitioning to the new company. “We are convinced that the new ownership structure provides an excellent foundation for future profitable growth of Surventis,” said Kothari. “We wish the former BASF Coatings employees every success as they move forward into their future as an independent company,” Kothari added.

Financial Reporting Reflects Business Separation

Following the strategic divestment, BASF has reported the coatings business as discontinued operations since September 30, 2025. In addition, the company’s financial statements have been retrospectively adjusted from January 1, 2025, with the coatings business’ after-tax income presented separately under “Income after taxes from discontinued operations.” Corresponding prior-year figures have also been restated. Moreover, the disposal gain resulting from the transaction completed on June 30, 2026, will be recorded under the same category. Consequently, the gain will be reflected in BASF Group’s net income and earnings per share.

Strategic Transformation Continues

The successful completion of the Carlyle transaction represents another major step in BASF’s ongoing portfolio optimization strategy. By monetizing its coatings business while retaining a significant minority stake, BASF has strengthened its financial position, sharpened its strategic focus on core businesses, and preserved the opportunity to benefit from Surventis’ future growth and value creation.