Adani Group will enter the petrochemical sector: For this it has partnered with Indorama Resources of Thailand
Adani Group is now going to enter the petrochemical sector. For this, Adani Petrochemicals Limited, a subsidiary of Adani Enterprises Limited, has partnered with Indorama Resources Limited of Thailand.
This joint venture has been named Valor Petrochemicals Limited (VPL), in which both the companies will have a 50%-50% stake. Adani Enterprises has given information about this in the stock exchange filing on Monday, January 6.
VPL will set up refinery, petrochemical and chemical business
According to the exchange filing, VPL will set up refinery, petrochemical and chemical business. Adani Petrochemicals was established to develop refineries, petrochemical complexes, specialty chemical units and hydrogen plants in a step-wise manner.
Group chairman Gautam Adani had said in 2022 that the Adani Group wants to invest more than $4 billion in a petrochemical complex in Gujarat.
Adani Enterprises stock up 2.03%
Adani Enterprises stock closed 2.03% higher at Rs 2,524.80 today. The stock has given a negative return of 18.91% in the last 6 months and 1.63% so far this year.
The company is building a petrochemical cluster in Mundra
Adani Petrochemicals is building a petrochemical cluster in Mundra, Gujarat, which also includes a PVC plant. The total cost of this plant has been estimated at around Rs 35,000 crore.
Earlier also, Adani Group had partnered with German chemical company BASF to set up a chemical factory in Mundra, Gujarat. However, no information has been given about the company’s future plans with BASF partnership.
