NEW DELHI: Gautam Adani is suspending activities at the Rs 34,900-crore petrochemicals project in Mundra, Gujarat, as the billionaire’s business empire slows down spending following a shortseller attack, news agency PTI reported on Sunday.
In 2019, Adani had announced plans to foray into India’s petrochemicals sector with a factory in his home state of Gujarat. Two years later, he incorporated Mundra Petrochem and Adani Petrochemicals to set up feedstock (coal, petcoke, limestone, LPG, LNG, LPG, green fuels, etc) -based refineries and petrochemicals complexes. Both Mundra Petrochem and Adani Petrochemicals are 100% subsidiaries of his empire’s flagship Adani Enterprises.
PTI reported that the business tycoon has decided to freeze the proposed one-million-tonne green PVC project due to unforeseen circumstances.
