Adani Group clarifies its stand on Green PVC project

Ahmedabad : Following the news reports stating that the Adani  has indefinitely suspended work on its over $4 billion (approx Rs 34,000 crore) coal-to-polyvinyl chloride (PVC) plant in Mundra, Gujarat, the Adani Group has stated that the financial closure of the Green PVC project of M/S Mundra Petrochemicals Limited ( MPL) is pending with the financial institutions and it is in their active consideration.

“Due to recent market developments, the management has decided to continue with the Engineering design and other activities including financial closure in an accelerated mode” said spokesperson of Adani Group.

“Pending the above it has been decided to keep the major equipment procurement and site construction activities on hold. We are hopeful to obtain financial closure for the project in next six months post which full-fledged procurement and construction activities at site will commence. We are committed to completing the project in an expeditious manner so as to meet the original timelines” he added.