18-Jan-19, Asia Times
India’s Adani Group, an infrastructure conglomerate with businesses in sectors including coal, oil and gas, ports and power, has announced a foray into petrochemicals.
%20AFP.jpg "Indias Adani Group partners with BASF in petrochems foray (c) AFP")
Image: AFP
The company has signed a joint venture with German giant BASF to set up acrylics manufacturing units costing INR160 bn (USD2.25 bn). Constituting BASF’s largest investment in India to date, the factories will be set up at Adani-owned Mundra Port in Gujarat.
The German company will hold the majority stake in the joint venture and a feasibility study will be completed by the end of 2019.