Published 1 year ago

Adani says Mundra petchem work suspended as finances not tied-up yet

Summary by Ground News

Adani Group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat. The group's flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in Kutch district of Gujarat.

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Times of India

Adani says Mundra petchem work suspended as finances not tied-up yet

Embattled Adani Group on Monday said it has put on hold major equipment procurement and site construction activities for the Rs 34,900 crore petrochemical project at Mundra in Gujarat as the project has not yet tied up finances. The group's flagship Adani Enterprises Ltd (AEL) incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd in 2021 for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in…

1 year ago·India

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Indian Express

Adani says Mundra petchem work suspended as finances not tied-up yet

The Hindenburg report had alleged "brazen stock manipulation and accounting fraud" and use of offshore shell companies to inflate stock prices.

1 year ago·India

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Business Standard

Mundra petrochemical work suspended as finances not tied-up yet: Adani

1 year ago·India

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The Daily Star

Adani suspends work on $4.2b project in Gujarat

Adani Group has suspended work on a 349 billion rupee ($4.2 billion) petrochemical project at Mundra in India’s western Gujarat state as it focuses on consolidating operations and addressing investor concerns after the Hindenburg shortseller report, according to the Press Trust of India.

1 year ago·Bangladesh

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mid-day

Hindenburg fallout: Adani Group stops work on Rs 34,900-cr petchem project

The group’s flagship Adani Enterprises Ltd in 2021 incorporated a wholly owned subsidiary, Mundra Petrochem Ltd, for setting up a greenfield coal-to-PVC plant in Kutch district of Gujarat

1 year ago·Mumbai, India

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Adani Group Suspends Work On Rs 34,900 Crore Petchem Project

Adani Group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat as it focuses on resources to consolidate operations and address investor concerns following a damning report by a US-based short seller, sources said.The group's flagship, Adani Enterprises Ltd., had incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd., in 2021 for the purpose of setting up a greenfield coal-to-PVC plant at Adani Ports and on…

1 year ago

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