Adani to invest $4 billion in petrochemical complex

Leading entrepreneur GautamAdani is planning to invest more than $4 billion in a petrochemical complex in the state of Gujarat, he said in an interview with the Financial Times.

Adani, Asia’s richest person, plans to launch a “super app” in the next three to six months to connect Adani airport passengers with other Adani Group services, according to the report.

Adani denied that moving into petrochemicals would open up serious competition with fellow billionaire MukeshAmbani. “There is no competition,” he said. “India is a huge growth market and everybody is welcome.”

The board of the flagship company, Adani Enterprises Ltd., is met recently to discuss fund raising options.

Adani’s potential move mirrors a push by fellow Indian billionaire MukeshAmbani, who raised more than $27 billion in 2020 from global investors by selling stakes in units of his conglomerate Reliance Industries Ltd.

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