Adani Group Suspends Petrochem Project: Gautam Adani’s Adani Group has pulled out of its petrochemical project. This project was worth about Rs 34,900 crore. At the same time, there was also a possibility of strong competition with Mukesh Ambani’s Reliance Industries in this segment.
Adani group has pulled out of its petrochemical project.
Image Credit source: Representative Photo
Billionaire industrialist Gautam Adani’s stars are in decline after the Hindenburg Research report came out. Burdened under the burden of heavy debt, the Adani group is constantly facing a credit crunch. At the same time, Adani Enterprises, the flagship company of the group, has put the plan of petrochemical business in cold storage.
Adani Group formed a new company ‘Mundra Petrochem Limited’ in 2021 itself for this project which presented a strong challenge to Reliance Industries in the petrochemical segment. It is a wholly owned subsidiary of Adani Enterprises. But now this Rs 34,900 crore project is in trouble.
(This news is being updated)
