Adani floats company for petrochemical foray
Billionaire Gautam Adani’s ports-to-energy conglomerate has floated a new subsidiary that will set up refineries, petrochemical complexes and hydrogen plants – businesses that will directly compete with richest Indian Mukesh Ambani’s company.
Adani Enterprises in stock exchange filing said it has incorporated Adani Petrochemicals Ltd (APL) as a wholly-owned subsidiary to “carry on business of setting up refineries, petrochemicals complexes, specialty chemicals units, hydrogen and related chemical plants and other such similar units”.
The conglomerate has operations spanning sea ports to airports to electricity generation and transmission, renewable energy, mining, natural gas, food processing, defence and infrastructure.
