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Mumbai Jan 22 Essar Chemicals, part of the Essar Group, and French chemical company Arkema on Monday announced the signing of an MoU to study the feasibility of a 50:50 joint venture in India for the production and commercialisation of acrylic acid and esters.

An Essar Chemicals spokesperson said that only after four-month feasibility study will further steps be taken.

Feedstock for the venture would be propylene, which would be supplied from the Essar refinery at Vadinar.

Acrylic acid has various applications in the chemical industry. For Arkema, this venture would be in line with its strategy to further develop its acrylics business, especially in fast growing regions.

For Essar, the venture would add value to products made in its recently commissioned oil refinery, the release said. Mr Anshuman Ruia, Director of the Essar Group, said that the Group is firmly on the path of expanding value chain in all businesses and entry into the acrylic acid business would further enhance the potential of Essar Oil's refinery, according to the release.

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