BASF, partners put $4 bn India chemical complex on hold due to COVID-19

BASF in April scaled back its investment budget as the coronavirus crisis hit automakers, the chemicals giant's biggest customers.

German chemicals maker BASF said on Thursday that its plans to build a petrochemicals complex in India worth up to $4 billion with partners had been put on hold due to the economic uncertainty caused by the pandemic.

BASF signed a memorandum of understanding with Abu Dhabi National Oil Company (ADNOC), Adani Group and Borealis AG in October 2019 to evaluate a collaboration to build the chemical site in Mundra, in India’s Gujarat state.

“The global economic uncertainties caused by the pandemic have led the partners to review the timing for undertaking this investment,” BASF said in a statement.

“Despite all attempts to