AUGUST 20249HONEYWELL INKS LONG-TERM MAINTENANCE AGREEMENT WITH AIR INDIAADANI GROUP TO LAUNCH USD 4 BILLION PETCHEM PROJECT BY NEXT YEARHoneywell, a worldwide corporation, declared a long-term agreement with Air India, owned by Tata Group, for the upkeep of the Auxiliary Power Units (APUs) for the airline's current The Adani Group will enter the petrochemical sector by launching the initial stage of a USD 4 billion PVC project by December 2026, addressing the imbalance between domestic and future aircraft. The deal for the post-sale assistance for Honeywell APUs, will assist the airline in decreasing unexpected maintenance expenses and downtime, ultimately guaranteeing a high level of aircraft readiness and fleet availability, as stated by the company listed on Nasdaq.The APU supplies electricity and cooling to an airplane while it is grounded, making it an essential aircraft component. It assists in maintaining passenger comfort and provides air source prior to a pilot initiating the main engines.According to Honeywell, Air India has more than 300 planes in total, made up of a variety of aircraft including over 100 Airbus A320s, 15 Boeing B777s, and a new fleet of 190 B737-8s."We are strengthening our collaboration with Air India and helping in its fleet modernisation efforts, as part of a long-standing commitment to supporting the carrier's innovation and growth objectives," said Ashish Modi, President of Honeywell India."This agreement forms part of our global growth and transformation plans, to help achieve more efficient, reliable operations, with maximised fleet availability, through Honeywell's advanced technology services," said Sisira Kanta Dash, chief technical officer, Air India. demand and supply. Polyvinyl chloride (PVC) is the third most widely produced synthetic plastic polymer globally, utilized in the production of items like raincoats, shower curtains, window frames, plumbing pipes, medical tools, wire insulation, bottles, credit cards, and flooring.India requires around 4 million tonne of PVC every year, yet the country's production capacity is only 1.5 million tonne, causing a discrepancy between supply and demand. Adani Group aims to seize the opportunity in the industry as the gap between domestic production and consumption is predicted to grow with higher consumption.Adani Enterprises, the leading company of the group, is establishing a petrochemical hub in Mundra, Gujarat. In this group, there are plans to establish a PVC factory with a yearly capacity of 2 million tonnes, which will be carried out in stages, as confirmed by two insiders.They mentioned that the first stage, capable of processing 1 million tonnes per year, is scheduled to be operational by December 2026.In March of last year, the group stopped the project because they chose to postpone significant equipment procurement and site construction until they obtained financial closure. This came after Hindenburg Research, a US short seller, released a report accusing Adani Group companies of financial and accounting fraud.
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