Coal-to-polyvinyl chloride (PVC) plant in Mundra, Gujarat Adani Group of 34Kcr on hold; read why
The development arrives after short-seller Hindenburg Research blamed Adani Group for the scam, starting a rout in the group’s shares and bonds, washing off over $140 billion from the market value of Gautam Adani’s realm.
Adani Group has stopped work on a ₹ 34,900 crore petrochemical plant at Mundra in Gujarat as it concentrates on resources to reduce operations and address investor concerns following a damning statement by a US-based short seller, reported PTI.
Adani Group halts the operation of the 34000 cr plant:
With the firm trying to make a recovery for the time being, the 1 million tonnes per year Green PVC project is one of the works that will be stopped till further notice, said PTI citing two sources with details of the matter.
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According to the news by PTI, the Adani group has sent emails to agents and suppliers to “stop all activities” immediately. According to the article, the group has told them to “halt all activities of the scope of work and performance of all responsibilities” for the Mundra Petrochem Ltd Green PVC plant “till further notice.”
The group’s flagship Adani Enterprises Limited in 2021 included a wholly-owned subsidiary, Mundra Petrochem Limited, for putting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in the Kutch neighbourhood of Gujarat.
Source – FPJ
