Adani Group of India establishes a petrochemical subsidiary

Adani Enterprises, a major Indian conglomerate, has formed a new company, Adani Petrochemicals (APL), to invest in refineries, petrochemical complexes, speciality chemical units, hydrogen, and associated chemical facilities.

Adani has announced plans to invest in a €2bn chemical plant in Mundra, Gujarat. No details were released of the scale of the investment, types of chemicals or timeline. APL intends to be in direct competition with India's largest private-sector refiner and petrochemicals producer Reliance Industries (RIL) RIL is one of the world's largest producers of polyester fibre and yarn.

RIL's Jamnagar complex in western India houses the world's largest integrated refining and petrochemical hub with crude processing capacity of 1.24mn b/d. The company has a total paraxylene capacity of 4.3mn t/yr and is one of the world’s largest producers of polyester fibre and yarn. Adani, which already has a stronghold in sustainable energy, deepened its partnership with France's TotalEnergies in January, when the French firm acquired a 20pc interest in Adani Green Energy.