Adani Group partners with Indorama for petchem foray
Adani Group has partnered with Thailand's Indorama Resources to foray into refinery, petrochemical and chemical business. Adani Enterprises Limited's subsidiary Adani Petrochemicals Ltd and Indorama have formed a joint venture with equal shareholding, the company said in a regulatory filing on Monday.
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Adani Enterprises Ltd, «has completed the incorporation process of a joint venture company namely Valor Petrochemicals Ltd (VPL)… with Indorama Resources Ltd, Thailand,» AEL said in the filing. The company further added, «VPL is incorporated with the object to set Refinery, Petrochemical and Chemical business.»
To start with the JV is looking to set up a 3.2 million ton Purified Terephthalic Acid (PTA) project in Maharashtra, according to sources close to the development. It will then look at both upstream and downstream integration. The current planned investment plan would be in the range of around $3 billion.
The JV may in the future also look at a project in Mundra, sources added.
Indorama Ventures Public Company Limited, based in Thailand, one of the largest petrochemical producers globally operating through three segments: Combined PET, Indovinya, and Fibers.
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