GAUTAM ADANI'S GROUP has teamed up with Thailand's Indorama Resources for a foray into the petrochemical business as the ports-to-energy conglomerate looks to expand in adjacencies.Adani Petrochemicals, a subsidiary of the group's flagship Adani Enterprises, has completed the incorporation process of a joint venture company namely Valor Petrochemicals (VPL) with Indorama Resources, Thailand," Adani Enterprises said in a stock exchange filing.Adani Petrochemicals and Indorama will hold 50% stake each in the JV.Indorama will hold 50% stake each in the joint venture. "VPL is incorporated with the objective to set up a refinery, petrochemical and chemical business," it said.Adani Petrochemicals was incorporated to set up refineries, petrochemicals complexes, speciality chemicals units, hydrogen and related chemicals plants and other similar units in a phased manner.

Adani Group lines up petchem foray

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