Winning Bizness Desk
Mumbai.The Adani Group is set to make its entry into the petrochemical sector. Adani Petrochemicals Limited, a subsidiary of Adani Enterprises Limited, has formed a partnership with Thailand's Indorama Ventures Limited to establish a joint venture named Valor Petrochemicals Limited (VPL). Both companies will hold an equal stake of 50% in this joint venture. The announcement was made on Monday, January 6, through a stock exchange filing by Adani Enterprises.
VPL to Establish Refinery and Petrochemical Business
According to the filing, Valor Petrochemicals Limited will focus on setting up a refinery, petrochemical, and chemical business. Adani Petrochemicals was founded to gradually develop refineries, petrochemical complexes, specialty chemical units, and hydrogen plants. In 2022, Gautam Adani, Chairman of the Adani Group, had announced plans to invest over $4 billion in setting up a petrochemical complex in Gujarat.
Adani Enterprises Stock Sees 1.50% Rise
Adani Enterprises' stock rose by 1.50%, trading at ₹2,511.60. Over the last six months, the stock has delivered a return of 19.33%. However, it has seen a negative return of 2.14% so far this year.
Petrochemical Cluster Under Development in Mundra
Adani Petrochemicals is building a petrochemical cluster in Mundra, Gujarat. This cluster will include a PVC plant, with an estimated total cost of ₹35,000 crore. Previously, the Adani Group partnered with German chemical giant BASF to establish a chemical factory in Mundra. However, the future plans for the BASF partnership remain undisclosed.
Adani Enterprises: A Legacy Since 1988
Adani Enterprises Limited is a key entity within the Adani Group. Founded in 1988 by Gautam Adani, the company has been instrumental in driving the group's energy and infrastructure projects. The leadership team comprises Gautam Adani as Chairman, Rajesh Adani as Managing Director, and Vinay Prakash as CEO. Adani Enterprises is regarded as the largest business incubator in India, actively engaged in energy and utilities, transportation and logistics, consumer goods, and primary industries.
