Adani Group to foray into petrochemicals via joint venture with BASF

To jointly invest Rs 16000 crore for making products in acrylics value chain

Foraying for the first time into petrochemicals, Adani Group has announced a joint venture with German major BASF SE worth Rs 16000 crore (€2 billion) for manufacturing plants of acrylic value chain at the former's Mundra port in Gujarat. 

Signed as a memorandum of understanding (MoU) Vibrant Gujarat Global Summit 2019, the JV will see BASF hold the majority, apparently its largest investment in India to date. As per an official statement by Adani Group, a feasibility study will be completed by the end of 2019. 

The potential investment comprises the development, construction and operation of production plants including propane