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Adani partners with Thailand’s Indorama for petrochemical expansion
Industry News- Jan 07,25
The project, located in Mundra, Gujarat, is set to be India’s largest PVC manufacturing facility, with an estimated cost of Rs 350 billion.
Billionaire Gautam Adani’s group has partnered with Thailand’s Indorama Resources Ltd to expand into the petrochemical sector. The joint venture, named Valor Petrochemicals Ltd (VPL), was incorporated by Adani Petrochemicals Ltd, a subsidiary of Adani Enterprises Ltd, in collaboration with Indorama Resources.
Both Adani Petrochemicals and Indorama hold a 50% stake in VPL, which aims to establish a refinery, petrochemical, and chemical business.
The venture is part of Adani Petrochemicals’ broader plan to develop refineries, petrochemical complexes, specialty chemicals units, hydrogen plants, and related facilities over time. In 2022, Group Chairman Gautam Adani announced plans to invest over $4 billion in a petrochemical complex in Gujarat.
The first project will focus on a 2 million tonnes PVC (polyvinyl chloride) plant, which will be built in phases. Phase I, comprising a 1 million tonne capacity, is set for completion by 2026, while Phase II will match this capacity and is scheduled for completion by early 2027.
Construction of the PVC plant was temporarily halted in March 2023 due to financial concerns following a report by US short-seller Hindenburg Research, which accused the Adani Group of financial and accounting fraud—allegations the group has denied. Work resumed in July 2023.
The project, located in Mundra, Gujarat, is set to be India’s largest PVC manufacturing facility, with an estimated cost of Rs 350 billion. The facility will also include wind and solar power plants to meet its electricity requirements.
(Business Standard)
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