The Adani group has entered into a partnership with Thailand’s Indorama Resources Ltd to expand into the petrochemical industry. The collaboration aims to diversify the Adani Group’s presence across various sectors, including energy and infrastructure.
Adani Petrochemicals Ltd, a subsidiary of Adani Enterprises, announced the formation of a joint venture with Indorama Resources, called Valor Petrochemicals Ltd (VPL). The new venture will see both Adani Petrochemicals and Indorama hold equal stakes of 50% each.
VPL’s goal is to establish a refinery, petrochemical, and chemical business, with an initial focus on a 2 million tonnes PVC plant to be built in two phases. The first phase, with a capacity of 1 million tonnes, is slated for completion by 2026, while the second phase will be finished by early 2027.
Despite a delay in 2023 due to financial concerns following a report by Hindenburg Research, work on the PVC project resumed in July 2023. Adani Group has refuted all allegations made in the report. Additionally, the Adani Group is developing a large petrochemical cluster in Mundra, Gujarat, expected to become India’s largest PVC manufacturing site, with a total investment of around Rs 35,000 crore. The facility will be powered by a combination of wind and solar energy.
Indorama Resources Ltd, part of the Indorama Corporation, is a leading global player in the petrochemical and synthetic materials industry. Headquartered in Thailand, Indorama is renowned for its integrated operations in the production of key petrochemical products, including polyethylene, polyester, and chemicals that serve a wide array of industries, such as textiles, packaging, and automotive.
The company has a strong international footprint with manufacturing facilities across several countries, making it one of the largest producers in its sector. Indorama’s commitment to sustainability and innovation in production processes aligns with its long-term vision of driving growth in emerging markets.
The Adani Group, led by billionaire Gautam Adani, is a global conglomerate with diversified interests spanning across sectors such as ports, energy, infrastructure, and logistics. Known for its rapid expansion and large-scale projects, the group has been a key player in transforming India’s infrastructure landscape.
Adani Enterprises, the flagship company, has increasingly focused on venturing into new business verticals, including the petrochemical sector. The group’s aggressive growth strategy is fueled by substantial investments in sectors like renewable energy, coal mining, and infrastructure development, as well as its foray into chemical manufacturing. Through ventures like Adani Petrochemicals, the group aims to build a significant presence in India’s burgeoning petrochemical market, leveraging its expertise in industrial development and operational scale.
