Adani Group forges partnership with Indorama to venture into petrochemicals.

Adani Group has partnered with Indorama Resources of Thailand to enter the refinery, petrochemical, and chemical business. The joint venture, Valor Petrochemicals Ltd (VPL), has been incorporated with equal shareholding. The initial project will be a 3.2 million ton Purified Terephthalic Acid (PTA) project in Maharashtra, with plans to invest around $3 billion. The venture will also consider upstream and downstream integration. The company may also explore a project in Mundra in the future. Indorama Ventures is a global petrochemical producer with three segments: Combined PET, Indovinya, and Fibers. This partnership marks Adani Group’s entry into the petrochemical industry, with Adani Petrochemicals Ltd being a wholly-owned subsidiary of Adani Enterprises. The venture will utilize the funds from the recent exit from the joint venture with Wilmar International, valued at around $2 billion, which will be used for the group’s core infrastructure platforms.