Industrialist Gautam Adani The group led by Thailand’s Indorama Resources Ltd. to enter the petrochemical business. Has tied up with. The group involved in port to energy business has taken this step with the aim of expanding in the respective sector. Adani Enterprises said in the information given to the stock market that the main company of the group, Adani Enterprises Ltd. Adani Petrochemicals Ltd., a subsidiary of Thailand, Indorama Resources Ltd. The process of formation of joint venture company named Valor Petrochemicals Ltd. (VPL) has been completed.
Both companies will have 50-50 percent stake
Adani Petrochemicals and Indorama will have 50-50 percent stake in the joint venture. Adani Petrochemicals has been formed to set up refineries, petrochemical complexes, specialty chemicals units, hydrogen and allied chemicals plants and other related units in a phased manner. Group chairman Gautam Adani had said in 2022 that the group wants to invest more than four billion dollars in a petrochemical complex in Gujarat. The first project of the company is a PVC (polyvinyl chloride) unit of 20 lakh tonne capacity. Its construction will be done in a phased manner.
The first phase will be completed by 2026
In the first phase, a PVC plant with a capacity of 10 lakh tonnes will be developed by 2026. After that, in the second phase, a unit of similar capacity will be commissioned in early 2027. The construction of the polyvinyl chloride plant was delayed after the release of a report by American investment company Hindenburg Research. The project was halted in March, 2023 due to financial concerns but work resumed in July, 2023. Adani Petrochemicals is developing a petrochemical complex in Mundra, Gujarat. This also includes PVC plant. The total cost of constructing the plant is estimated to be around Rs 35,000 crore. It is expected to be the largest PVC manufacturing facility in the country.
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