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| Adani Group to foray into petrochemicals with Rs 16,000 crore plant in JV with BASF | Writer | Admin | |||
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| Global chemicals giant BASFNSE 8.80 % and India’s Adani Group have signed a deal to set up a ?14,000-crore petrochemicals plant at Mundra. Powered by renewable energy, it will produce chemicals that are now imported. “This would be BASF’s largest investment in India to date,” the two companies said in a joint statement after signing a memorandum of understanding before the Vibrant Gujarat summit. The companies hope to start building the project after completing the feasibility study by the end of this year. BASF, which is listed in Frankfurt, Zurich and London, would hold the majority equity in the venture, the statement said, but did not give details of the proposed equity holding. The plant will manufacture chemicals of the acrylic value chain that are used by a wide range of industries like construction, automotive and coatings. |
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