Adani Group will enter the petrochemical sector: For this, partnered with Thailand’s Indorama Resources.

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 50%-50% stake. Adani Enterprises has given information about this in its stock exchange filing on Monday, January 6.

VPL will set up refinery, petrochemical and chemical business

According to exchange filings, VPL will set up refinery, petrochemical and chemical businesses. 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 Adani Group wants to invest more than $4 billion in a petrochemical complex in Gujarat.

Adani Enterprises shares rose by 1.50%

Adani Enterprises is currently trading at the level of Rs 2,511.60 with a rise of 1.50%. This stock has given a negative return of 19.33% in the last 6 months and 2.14% so far this year.

Company building a petrochemical cluster in Mundra

Adani Petrochemicals is building a petrochemical cluster in Mundra, Gujarat, which will also include a PVC plant. The total cost of this plant is estimated to be around Rs 35,000 crore.

Even before this, 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 in partnership with BASF.

Adani Enterprises was established in 1988

Adani Enterprises Limited is a part of the Adani Group of companies. Gautam Adani founded Enterprises in 1988. The company’s chairman is Gautam Adani, managing director is Rajesh Adani and CEO is Vinay Prakash.

The company works on energy and infrastructure projects. Adani Enterprises is the country’s largest business incubator. This company works in the fields of Energy and Utility, Transportation and Logistics, Consumer Goods and Primary Industry.