Adani to foray into petrochemicals in Ambani's backyard
Billionaire Gautam Adani-led Adani Group Thursday announced a partnership with German chemical giant BASF for a Rs 16,000-crore factory that will mark its foray into the petrochemicals sector which is currently dominated by Mukesh Ambani-run Reliance Industries.
Adani Group and BASF will set up a chemical factory at Gujarat's Mundra district, besides putting up wind and solar power plant at the site to meet the electricity requirement of the unit, the two companies said in a statement.