Gautam Adani has formed a new company Adani Petrochemicals. With the help of this company, they are preparing to compete with Reliance Industries. The main business of Mukesh Ambani’s Reliance is of petrochemicals.
There will be a direct competition in the chemicals business.
Adani Group of Companies had been in controversies in recent times, but Gautam Adani has prepared his future plans. In the information given to the stock exchange, Adani Enterprises said that Adani Petrochemicals Ltd (APL) has been formed. It will be a subsidiary company of the group. With this, Gautam Adani is going to enter the petrochemicals business. Till now it has been the main business of Reliance Industries. This company has been formed on 30th July only.
The paid-up share capital of Adani Petrochemicals Limited will be Rs 1 lakh. The operational work of the company has not started, so the question of turnover does not arise at the moment. APL will build refineries, petrochemicals complex, special chemical unit, hydrogen plant. Adani Group has formed several subsidiary companies in the current financial year. This includes road construction, power transmission, wind turbine manufacturing, cement plants. The current business of the group is in seaport, airport, electricity generation, mining, natural gas, food processing and defense sectors. Now the company is going to enter the petrochemical business.
Reliance is India’s largest petrochemical company
Talking about Adani Petrochemicals Ltd and Reliance Industries, Gautam Adani will have to go a long way now. Reliance Industries is currently the largest petrochemical company in the country. It comes in the top-10 companies of the world. It also operates the world’s largest ore refinery. It is located in Jamnagar, Gujarat. The focus of Mukesh Ambani is now slowly separating from the petrochemical business. With the help of telecom and Reliance Retail through Jio platforms, they are strengthening their hold in the retail market.
Mukesh Ambani made a big announcement regarding renewable energy
In the Reliance Annual General Meeting in June, Mukesh Ambani had said that the company would spend 75 thousand crores for the green energy business. By 2030, he plans to produce 100 GW of solar energy. Before that Gautam Adani has also expressed his intention. He said that by 2030, we aim to become the world’s largest renewable energy producer. Adani Green has previously tied up with French company TotalEnergies SE. This company has invested heavily in 25 GW solar energy project.
gautam adani’s chemical business plan
Let us inform that in January 2019, the Adani Group had entered into an agreement with the German chemical company BASF. That company will invest $2 billion in setting up a chemical factory in Mundra, Gujarat. Later it also included the Abu Dhabi National Oil Company and Borealis AG. Adani Enterprises incorporated Mundra Petrochemicals Ltd company in April 2021, which is a wholly subsidiary company.
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