Adani Group to enter petrochem biz via new entity

The Adani Group announced its intention to enter the petrochemicals business by registering a new company called Adani Petrochemicals Limited on Friday, as per regulatory disclosures made to the stock exchanges. The new company will be a fully-owned subsidiary of Adani Enterprises (AEL), the flagship company that incubates most of the Group's new businesses, which are later spun off into separate listed entities once it achieves a certain scale. “To carry on the business of setting up refineries, petrochemicals complexes, speciality chemicals units. Hydrogen and related chemicals plants and other such similar units,” Adani Enterprises mentioned the reason for setting up the new company as part of regulatory disclosures. The company has been set up with an authorised paid-up capital of Rs 1 lakh. In March this year, AEL had similarly set up Kutch Copper Limited with paid-up capital of Rs 1 lakh to enter the metals business. In the past, AEL has incubated and later hived off businesses including Adani Ports, Adani Green, Adani Power Transmission, and Adani Total Gas. The company is reportedly considering hiving off its airports business next.

from Economic Times https://ift.tt/3jez4Ls