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Adani Group halts work on ₹34,900-cr Mundra plant
Financial Express Mumbai|March 20, 2023
The group's flagship Adani Enterprises (AEL) had, in 2021, incorporated a wholly-owned subsidiary, Mundra Petrochem for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) land in Kutch district of Gujarat.
- AMMAR ZAIDI
Adani Group halts work on ₹34,900-cr Mundra plant

ADANI GROUP HAS suspended work on a ₹34,900 crore petrochemical project at Mundra in Gujarat as it focuses on resources to consolidate operations and address investor concerns following a damning report by a US-based short seller, sources said.

But after Hindenburg Research's January 24 report alleging accounting fraud, stock manipulations and other corporate governance lapses chopped off about $140 billion from the market value of Gautam Adani's empire, the apples-to-airport group is hoping to claw back and calm jittery investors and lenders through a comeback strategy.

The comeback strategy is based on addressing investor concerns around debt by repaying some loans, consolidating operations, and fighting off allegations. The group has denied all allegations levelled by Hindenburg.

As part of this, projects are being reevaluated based on cash flow and finance available.

This story is from the March 20, 2023 edition of Financial Express Mumbai.

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This story is from the March 20, 2023 edition of Financial Express Mumbai.

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