MUMBAI : Adani Group has revived its investment plan for Mundra Petrochem Ltd, India’s largest polyvinyl chloride (PVC) plant, with initial funding of ₹14,000-16,000 crore, after a four-month suspension of operations, two people directly aware of the development said.
Mundra Petrochem has secured an in-principle approval for a credit line of up to ₹14,000 crore from a clutch of large domestic banks, the people said, adding that the total project cost will be around ₹35,000 crore. “Seventy per cent of the money to be used in the planned capex is likely to come from state-run lenders," one of the two said, requesting anonymity.
In February, the group indefinitely suspended several capital investment activities, including the petrochemical project, prioritizing debt repayment and de-leveraging the balance sheets of group companies instead, to assuage investor concerns raised by a 24 January report on the group by US short-seller Hindenburg Research.
“The financial closure for Mundra Petrochem is likely to be completed by mid-June, following which the commissioning activity, including equipment procurement and site construction, will commence," the person said.
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