Adani/Indorama tie up for jv to pursue refinery, petrochemicals

Adani/Indorama tie up for jv to pursue refinery, petrochemicals

Indian firm Adani Enterprises’ subsidiary Adani Petrochemicals has incorporated a 50:50 joint venture company with Thailand-based chemical firm Indorama Resources as the conglomerate looks to foray into refinery and petrochemical businesses.

Adani Petrochemicals will hold 50% share capital of Valor Petrochemicals Ltd (VPL), which has been incorporated in India and registered with Registrar of Companies, Mumbai, according to a regulatory filing. The joint venture has been incorporated with the objective to set up a refinery, petrochemical and chemical business, the company says.

The announcement comes after Adani Group said it will sell its entire 44% stake in edible oil maker Adani Wilmar. Adani said the funds from the stake sale will be deployed to strengthen the company’s core infrastructure businesses in energy, logistics, and digital platforms.

In November 2024, the Adani Group chairman was indicted in a federal court in New York, US, for allegedly bribing Indian government officials with over US$250 million to secure lucrative solar energy contracts worth billions of dollars and concealing this information it as they sought to raise capital from US and international investors.

US market regulator, the Securities and Exchange Commission (SEC) also charged Adani, his nephew Sagar Adani and Cyril Cabanes, a former executive of Azure Power’s board, for an alleged bribery plot to secure multi-billion-dollar solar energy projects from the Indian government.