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Adani partners foreign firms for $4-bn venture

New Delhi: Billionaire Gautam Adani-run Adani Group has forged a partnership with UAE’s oil firm Adnoc, German chemical giant BASF and Austria’s Borealis to study the feasibility of setting up a $4-billion chemical complex at Mundra in Gujarat by 2024.

New Delhi, October 17

Billionaire Gautam Adani-run Adani Group has forged a partnership with UAE’s oil firm Adnoc, German chemical giant BASF and Austria’s Borealis to study the feasibility of setting up a $4-billion chemical complex at Mundra in Gujarat by 2024.

The four firms have signed an MoU to “engage in a joint feasibility study to further evaluate a collaboration for establishment of a chemical complex in Mundra, Gujarat”, the companies said.

In January this year, Adani, in partnership with BASF, had announced plans to set up a chemical factory at Mundra. The MoU is the next step of that announcement. —PTI

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