ANI
20 Mar 2023, 23:03 GMT+10
Ahmedabad (Gujarat) [India], March 20 (ANI): The financial closure of the Green PVC project of Mundra Petrochemicals Limited ( MPL) is pending with the financial institutions and the site construction activities are on hold, an Adani Group spokesperson said on Monday and noted that the conglomerate is committed to completing the project in an expeditious manner to meet the original timelines.
Media reports had on Sunday, citing unnamed sources, said that the Adani Group has suspended work on a Rs 34,900 crore petrochemical project at Mundra in Gujarat as part of its business consolidation after the US short-seller Hindenburg Research alleged stock manipulation and accounting fraud in January this year.
The Adani group's flagship Adani Enterprises Ltd (AEL) had in 2021 incorporated a wholly-owned subsidiary, Mundra Petrochem Ltd for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone (APSEZ) in the Kutch district of Gujarat.
In a press statement, the spokesperson said that 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.
It said 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.
"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," the spokesperson added.
The Adani Group had attacked Hindenburg Research as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie". The continued sell-offs in the group's stocks led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer. (ANI)
Get a daily dose of Shanghai Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Shanghai Sun.
More InformationRAMALLAH, Wet Bank - A two-and-a-half-year-old Palestinian boy shot in the head by Israeli troops has died in hospitalThe boy, ...
NEWARK, New Jersey: Six years after his 2016 presidential campaign failed to succeed, Chris Christie, former New Jersey Governor, will ...
TOKYO, Japan: To counter the declining national birthrate, Japan's Prime Minister Fumio Kishida pledged to double spending over the next ...
WASHINGTON D.C.: Reuters has reported that on 7th June, former Vice President Mike Pence will enter the race for the ...
PYONGYANG, North Korea: North Korea attempt failed to launch a satellite on May 31, which prompted raid sirens and a ...
HONG KONG, China: Describing the lack of women in China's top leadership as concerning, the United Nations has recommended the ...
CHARLESTON, South Carolina: During a media tour this week at Boeing's facilities in Charleston, South Carolina, company CEO Dave Calhoun ...
BEIJING, China: On his return to China after a three year absence, which is his company's largest production hub, Tesla ...
Berlin [Germany], June 6 (ANI): India's continuing dependence on Russian weapons is not in Germany's interest, said German Defence Minister ...
New Delhi [India], June 5 (ANI): On the occasion of World Environment Day, Prime Minister Narendra Modi on Monday said ...
The U.S. military Monday released a video of what it described as an "unsafe" Chinese maneuver in the Taiwan Strait ...
New Delhi [India], June 5 (ANI): Visiting United States Secretary of Defence Lloyd Austin on Monday said that the world ...