Adani Group inks MoU for $4-billion chemical venture

Gujarat-based Adani Group has signed a memorandum of understanding (MoU) with Abu Dhabi National Oil Company (ADNOC), BASF and Borealis for a joint feasibility study to evaluate a collaboration for the establishment of a chemical complex at Mundra in Kutch district. The partners are aiming to finalise the joint feasibility study by the end of the first quarter of 2020 and intend to start production in 2024. This is the next step of BASF’s and Adani’s investment plans as announced in January 2019. With the inclusion of ADN-OC and Borealis as potential partners, the parties are examining various structuring options for the chemical complex that will leverage the technical, financial and operational strengths of each firm. Total investment is estimated to be up to $4 billion.