Latest news with #SBI-led
Time of India
7 days ago
- Business
- Time of India
Adani to rival Reliance with PVC plant by 2028
Billionaire Gautam Adani's conglomerate will build a 1 million tonne a year PVC plant at Mundra in Gujarat, marking its foray into the petrochemicals sector where Reliance Industries Ltd is the main player, sources said. PVC, or Polyvinyl Chloride, is a synthetic plastic polymer that is widely used to make an array of products - from pipes and fittings to window and door frames, cable insulation, vinyl flooring and wall coverings, credit cards and toys. India's annual PVC demand is about 4 million tonnes, while domestic production capacity stands around 1.59 million tonnes, half of which is with Reliance. PVC demand is projected to grow at a CAGR of 8-10 per cent, driven by sectors such as agriculture as land under irrigation increases, infrastructure aided by water supply and sanitation, housing and pharmaceutical and packaging segments. Adani Group's flagship Adani Enterprises Ltd is setting up a petrochemical cluster in Mundra. Within this cluster, it is constructing a PVC manufacturing plant with a capacity of 1 million tonnes per annum, two sources aware of the matter said. The facility is slated for commissioning by fiscal 2028 (April 2027 to March 2028 financial year). The PVC Project is expected to include capabilities for manufacturing PVC, chlor-alkali, calcium carbide and acetylene units. Adani group is looking to implement the Acetylene and Carbide-based PVC production process, with environment clearance and consent to establish the project, having already been received, sources said. Given the current higher demand and lower supply of PVC in India, the Adani project will help reduce the supply gap and import dependency. The project will pit the group against Reliance, which is currently India's largest PVC producer, with an estimated capacity of around 7,50,000 tonnes per annum. Reliance has PVC plants at Hazira, Dahej and Vadodara in Gujarat. It is looking to double its capacity by 2027. Adani's group and Mukesh Ambani's Reliance had for long moved in non-overlapping orbits, but first clean energy and now petrochemicals would be sectors where they could be competing against each other. Sources said Adani's Mundra plant could in the future be expanded to 2 million tonnes per annum capacity on demand growth. Initially halted in March 2023 due to financial uncertainties and allegations from US short-seller Hindenburg Research, work on the project was resumed last year. The Adani Group has since refocused its resources, raising over USD 5 billion in equity and additional debt, and fully repaid share-backed financing. Financed by an SBI-led consortium, the project will utilise acetylene and carbide-based PVC production processes. Sources said the Adani group is confident of sourcing feedstock given that its portfolio companies have expertise in trading in domestic and international markets. Also, the group's synergy benefits and availability of large land parcels in Mundra, together with access to port facilities will optimise the logistics cost for sourcing of raw material/inventory handling cost as well as for transportation of the final products to the prospective domestic and overseas markets and ensure smooth implementation of the project. They said the Adani portfolio has a proven track record in successfully commissioning and managing large-scale infrastructure and industrial projects, encompassing areas like ports, power, and logistics. It has an abundance of science and engineering graduates, along with a well-trained workforce proficient in various skills.
&w=3840&q=100)
Business Standard
06-07-2025
- Business
- Business Standard
Adani to rival Reliance with PVC plant at Gujarat's Mundra by 2028
Billionaire Gautam Adani's conglomerate will build a 1 million tonne a year PVC plant at Mundra in Gujarat, marking its foray into the petrochemicals sector where Reliance Industries Ltd is the main player, sources said. PVC, or Polyvinyl Chloride, is a synthetic plastic polymer that is widely used to make an array of products - from pipes and fittings to window and door frames, cable insulation, vinyl flooring and wall coverings, credit cards and toys. India's annual PVC demand is about 4 million tonnes, while domestic production capacity stands around 1.59 million tonnes, half of which is with Reliance. PVC demand is projected to grow at a CAGR of 8-10 per cent, driven by sectors such as agriculture as land under irrigation increases, infrastructure aided by water supply and sanitation, housing and pharmaceutical and packaging segments. Adani Group's flagship Adani Enterprises Ltd is setting up a petrochemical cluster in Mundra. Within this cluster, it is constructing a PVC manufacturing plant with a capacity of 1 million tonnes per annum, two sources aware of the matter said. The facility is slated for commissioning by fiscal 2028 (April 2027 to March 2028 financial year). The PVC Project is expected to include capabilities for manufacturing PVC, chlor-alkali, calcium carbide and acetylene units. Adani group is looking to implement the Acetylene and Carbide-based PVC production process, with environment clearance and consent to establish the project, having already been received, sources said. Given the current higher demand and lower supply of PVC in India, the Adani project will help reduce the supply gap and import dependency. The project will pit the group against Reliance, which is currently India's largest PVC producer, with an estimated capacity of around 7,50,000 tonnes per annum. Reliance has PVC plants at Hazira, Dahej and Vadodara in Gujarat. It is looking to double its capacity by 2027. Adani's group and Mukesh Ambani's Reliance had for long moved in non-overlapping orbits, but first clean energy and now petrochemicals would be sectors where they could be competing against each other. Sources said Adani's Mundra plant could in the future be expanded to 2 million tonnes per annum capacity on demand growth. Initially halted in March 2023 due to financial uncertainties and allegations from US short-seller Hindenburg Research, work on the project was resumed last year. The Adani Group has since refocused its resources, raising over USD 5 billion in equity and additional debt, and fully repaid share-backed financing. Financed by an SBI-led consortium, the project will utilise acetylene and carbide-based PVC production processes. Sources said the Adani group is confident of sourcing feedstock given that its portfolio companies have expertise in trading in domestic and international markets. Also, the group's synergy benefits and availability of large land parcels in Mundra, together with access to port facilities will optimise the logistics cost for sourcing of raw material/inventory handling cost as well as for transportation of the final products to the prospective domestic and overseas markets and ensure smooth implementation of the project. They said the Adani portfolio has a proven track record in successfully commissioning and managing large-scale infrastructure and industrial projects, encompassing areas like ports, power, and logistics. It has an abundance of science and engineering graduates, along with a well-trained workforce proficient in various skills.
Time of India
06-07-2025
- Business
- Time of India
Adani to rival Reliance with PVC plant by 2028
Billionaire Gautam Adani 's conglomerate will build a 1 million tonne a year PVC plant at Mundra in Gujarat, marking its foray into the petrochemicals sector where Reliance Industries Ltd is the main player, sources said. PVC, or Polyvinyl Chloride, is a synthetic plastic polymer that is widely used to make an array of products - from pipes and fittings to window and door frames, cable insulation, vinyl flooring and wall coverings, credit cards and toys. India's annual PVC demand is about 4 million tonnes, while domestic production capacity stands around 1.59 million tonnes, half of which is with Reliance. PVC demand is projected to grow at a CAGR of 8-10 per cent, driven by sectors such as agriculture as land under irrigation increases, infrastructure aided by water supply and sanitation, housing and pharmaceutical and packaging segments. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Crossout: New Apocalyptic MMO Crossout Play Now Undo Adani Group's flagship Adani Enterprises Ltd is setting up a petrochemical cluster in Mundra. Within this cluster, it is constructing a PVC manufacturing plant with a capacity of 1 million tonnes per annum, two sources aware of the matter said. The facility is slated for commissioning by fiscal 2028 (April 2027 to March 2028 financial year). The PVC Project is expected to include capabilities for manufacturing PVC, chlor-alkali, calcium carbide and acetylene units. Live Events Adani group is looking to implement the Acetylene and Carbide-based PVC production process, with environment clearance and consent to establish the project, having already been received, sources said. Given the current higher demand and lower supply of PVC in India, the Adani project will help reduce the supply gap and import dependency. The project will pit the group against Reliance, which is currently India's largest PVC producer, with an estimated capacity of around 7,50,000 tonnes per annum. Reliance has PVC plants at Hazira, Dahej and Vadodara in Gujarat. It is looking to double its capacity by 2027. Adani's group and Mukesh Ambani 's Reliance had for long moved in non-overlapping orbits, but first clean energy and now petrochemicals would be sectors where they could be competing against each other. Sources said Adani's Mundra plant could in the future be expanded to 2 million tonnes per annum capacity on demand growth. Initially halted in March 2023 due to financial uncertainties and allegations from US short-seller Hindenburg Research, work on the project was resumed last year. The Adani Group has since refocused its resources, raising over USD 5 billion in equity and additional debt, and fully repaid share-backed financing. Financed by an SBI-led consortium, the project will utilise acetylene and carbide-based PVC production processes. Sources said the Adani group is confident of sourcing feedstock given that its portfolio companies have expertise in trading in domestic and international markets. Also, the group's synergy benefits and availability of large land parcels in Mundra, together with access to port facilities will optimise the logistics cost for sourcing of raw material/inventory handling cost as well as for transportation of the final products to the prospective domestic and overseas markets and ensure smooth implementation of the project. They said the Adani portfolio has a proven track record in successfully commissioning and managing large-scale infrastructure and industrial projects, encompassing areas like ports, power, and logistics. It has an abundance of science and engineering graduates, along with a well-trained workforce proficient in various skills.
News18
05-06-2025
- Business
- News18
'A Punching Bag?': Harsh Goenka's 'Justice' Post Gets Vijay Mallya's Thumbs-Up
Last Updated: Goenka questioned why Mallya was still a "punching bag" despite his loan recovery and said justice must be fair. Mallya is accused of defaulting on loans worth Rs 9,000 crore. Business tycoon Harsh Goenka's recent social media post, where he questioned why fugitive businessman Vijay Mallya continues to be a 'political punching bag" despite the recovery of his loans, has reignited the debate surrounding one of India's most high-profile financial scandals. The RPG Enterprises Chairman acknowledged that Mallya had 'lived the high life" and defaulted on his loans, but stressed that his dues worth over Rs 9,000 crore had been settled. He emphasised that justice must be fair and not selective. 'Vijay Mallya lived the high life, yes. Defaulted, yes. Unlike most others, his ₹9,000+ crore dues are now reportedly settled. Meanwhile, bigger defaulters walk free with much fatter haircuts from banks. If dues remain, the banks should clearly say so. If not, why is he still a political punching bag? Justice must be fair, not selective," Goenka said on X. Vijay Mallya lived the high life, yes. Defaulted, yes. Unlike most others, his ₹9,000+ crore dues are now reportedly settled. Meanwhile, bigger defaulters walk free with much fatter haircuts from banks. If dues remain, the banks should clearly say so. If not, why is he still a…— Harsh Goenka (@hvgoenka) June 5, 2025 Mallya swiftly responded to Goenka's post, saying, 'Thank you Harsh. The Union Finance Ministry has confirmed in writing that Banks have recovered Rs 14,100 crores from me against a DRT judgement debt of Rs 6,203 crores. Why the blatant discrimination?" Thank you Harsh. The Union Finance Ministry has confirmed in writing that Banks have recovered Rs 14,100 crores from me against a DRT judgement debt of Rs 6,203 crores. Why the blatant discrimination ?— Vijay Mallya (@TheVijayMallya) June 5, 2025 'Vijay Mallya didn't repay out of goodwill. His assets were seized and auctioned after years of dodging Indian courts and living lavishly in the UK," another user said. Others agreed with Goenka's statement, saying Mallya had been unfairly targeted. Mallya is an accused in a bank loan default case of over Rs 9,000 crore from an SBI-led consortium, involving his defunct Kingfisher Airlines. He was accused of fraud and money laundering and fled the country in 2016. He has since lived in the UK while fighting his extradition to India. Last year, the Enforcement Directorate said it had recovered Rs 22,280 crores from various banking scams, from the high-profile names like Mehul Choksi, Nirav Modi and Vijay Mallya and some fraudulent companies. In February, Mallya told the Karnataka High Court that the Rs 6,200 crore debt he owes to banks has been recovered 'multiple times over". 'According to an admitted statement, as of today, the recovery officer confirms that Rs 10,200 crore has been recovered. Additionally, the official liquidator states that the banks have regained their dues, and even the Finance Minister informed Parliament that Rs 14,000 crore has been recovered," he said at that time. The 69-year-old businessman was declared bankrupt in July 2021. He remains on bail in the UK while a 'confidential" legal matter believed to be related to an asylum application is resolved in connection with the unrelated extradition proceedings. A consortium of banks, led by SBI, won their court appeal in London to uphold a bankruptcy order against him in April.
News18
04-06-2025
- Business
- News18
'Come To India, We'll Celebrate Together': SBI's Reply To Vijay Mallya On RCB's Victory Goes Viral
Last Updated: Harsh Goenka shared a purported tweet by SBI, responding to Vijay Mallya's congratulatory tweet over RCB's victory, asking him to come to India to celebrate together. The city of Bengaluru exploded in a wave of loud cheers and fireworks after the Royal Challengers Bengaluru (RCB) earned their maiden IPL title in Ahmedabad on Tuesday, putting an end to their agonising 18-year wait. As Virat Kohli and the rest of the team celebrated and the city rejoiced, fugitive businessman and RCB's former owner, Vijay Mallya, put out a congratulatory tweet for the men in red – which was immediately trolled by netizens. 'RCB are IPL Champions finally after 18 years. Superb campaign right through the 2025 tournament. A well-balanced team Playing Bold with outstanding coaching and support staff. Many congratulations! Ee sala cup named," he said on X. RCB are IPL Champions finally after 18 years. Superb campaign right through the 2025 tournament. A well balanced team Playing Bold with outstanding coaching and support staff. Many congratulations ! Ee sala cup namde !!— Vijay Mallya (@TheVijayMallya) June 3, 2025 The businessman's tweet invited hilarious response from netizens, who asked him to join the celebrations in Bengaluru and make the 'SBI's dream come true". One user wrote, 'Sir, isi khushi mein kal subah ek baar Kirti Nagar wali SBI branch aa jao 5 minute ke liye please (Sir, to celebrate this, please come to the Kirti Nagar SBI branch tomorrow morning for just 5 minutes.) 'Now at least return some money to SBI from the winning amount," another individual said. However, one tweet in particular went viral on social media – the one allegedly by the SBI itself. Businessman Harsh Goenka shared an image of SBI's response to Vijay Mallya's tweet, 'Sir, come to India. We will celebrate together." The reply immediately went viral on social media, with users saying, 'SBI got no chill" and 'Never deleting this app." That's why I like X — Harsh Goenka (@hvgoenka) June 4, 2025 However, the SBI's response was not located on Mallya's tweet. When a user asked Grok about this, it said the SBI reply appeared fabricated and no evidence of such a response existed, which was inconsistent with their communication style. Mallya is an accused in a bank loan default case of over Rs 9,000 crore from an SBI-led consortium, involving his defunct Kingfisher Airlines. In a follow-up post, Mallya reflected on his role in the team's early years and the contributions of Virat Kohli, AB DeVilliers and Chris Gayle. 'When I founded RCB it was my dream that the IPL trophy should come to Bengaluru. I had the privilege of picking the legendary King Kohli as a youngster and it is remarkable that he has stayed with RCB for 18 years." 'Finally, the IPL trophy arrives in Bengaluru. Congratulations and thanks again to all who made my dream come true. RCB fans are the very best and they deserve the IPL trophy. Ee Sala Cup Bengaluru baruthe!," he added. RCB defeated Punjab Kings in a thrilling IPL final in Ahmedabad on Tuesday to clinch its maiden IPL title, adding to the achievements of its senior leader Virat Kohli, who has stuck by the franchise since the inaugural edition in 2008. First Published: June 04, 2025, 23:45 IST
