Adani enters petrochemicals business

New Delhi, January 17 

Billionaire Gautam Adani-led Adani Group on Thursday announced a partnership with German chemical giant BASF for a Rs 16,000-crore factory that will mark its foray into the petrochemicals sector which is currently dominated by Mukesh Ambani-run Reliance Industries.

Adani Group and BASF will set up a chemical factory at Gujarat’s Mundra district, besides putting up wind and solar power plant at the site to meet the electricity requirement of the unit, the two companies said. 

BASF will hold a majority controlling stake in the new venture. It will, however, hold a minority interest in the power venture.

RIL is the market leader in the Indian petrochemical sector and this will be the first time that the two billionaires hailing from Gujarat will be in direct competition in any business. — PTI