Adani Group braces to rival Reliance Industries in petrochemical business

However, it could take several years to reach such a point, say observers

Last week, Adani Group announced a decision to evaluate joint investment in the acrylics value chain with Germany’s BASF. With this, the group will make an entry into the petrochemical business, a segment where Reliance Industries (RIL) dominates.

According to the Adani-BASF agreement, the two companies will jointly invest Rs 16,000 crore to set up manufacturing facilities. The feasibility study for the planned joint investment will be completed by the end of 2019.

“Adani Group will enable BASF to creates a world class chemical facility at Mundra. We will do this by providing port infrastructure, land and connectivity which will significantly reduce