Adani Group expects funds for its petrochemical project at Mundra in Gujarat to be tied up in the next six months, refuting media reports that it has stalled the initiative. “The financial closure of the Green PVC project of M/S Mundra Petrochemicals Limited (MPL) is pending with the financial institutions and it is in their active consideration,” said a spokesperson from Adani Group. The Group’s flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a Rs 34,900 crore wholly-owned subsidiary Mundra Petrochem Ltd for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in Kutch district of Gujarat. Media reports yesterday suggested that the Group has stalled the project as a fallout of the Hindenburg research report.
