Adani partners Germany's BASF for Rs 16,000-crore petrochem foray

The site in Mundra would be BASF's first carbon dioxide-neutral one

Foraying into petrochemicals, the Adani group has announced a joint venture with German major BASF SE for setting up manufacturing units in acrylics at Rs 16,000 crore at the former’s Mundra port in Gujarat. Signed as a memorandum of understanding (MoU) at the Vibrant Gujarat Global Summit, the JV will see BASF hold the majority of equity, apparently its largest investment in India to date. Adani says a feasibility study will be completed by the end of 2019.

The investment being envisaged is for development, construction and operation of factories for propane dehydrogenation (PDH), oxo C4 complex products (butanols and