Petrochemicals foray

INDIAN billionaire Gautam Adani (inset) has launched a subsidiary to foray into refineries, petrochemical complexes and hydrogen plants.

Adani Enterprises, in a 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”.

Currently the conglomerate has operations covering sea ports to airports to electricity generation and transmission, renewable energy, mining, natural gas, food processing, defence and infrastructure.

The new subsidiary will directly compete with the richest Indian Mukesh Ambani’s Reliance Industries, the largest producer of petrochemicals in the country and among the top 10 in the world. It also owns and operates the largest oil refining complex.

In June, Ambani announced a Rs 750 billion (£7.3bn) investment plan for setting up four ”giga factories” to make solar modules, hydrogen, fuel cells and to build a battery grid to store electricity over the next three years. The solar modules will enable 100 gigawatts of solar energy by 2030.

Adani also has plans to become world’s largest renewable energy producer by 2030. He has France’s TotalEnergies SE as partner in Adani Green Energy Ltd – the group’s renewable arm.

The French giant has invested directly in some of the projects in the firm’s 25 gigawatts solar-energy portfolio. In January 2019, the Adani Group had signed an initial pact with German chemical giant BASF for investing about €2bn (£1.7bn) in a chemical factory set up at Mundra

in Gujarat.