AUGUST 20249ADANI GROUP TO LAUNCH USD 4 BILLION PETCHEM PROJECT BY NEXT YEARTATA POWER SOLAR SYSTEMS & BOI PARTNER FOR EV CHARGING STATIONThe 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 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. TPSSL has announced a collaboration with BOI to make it simpler to finance rooftop solar installations and set up EV charging stations. The collaboration marks an important achievement for Tata Power Solar, as they are the first solar company to partner with BOI for financing solar and EV Charging Stations, further solidifying their position as a leader in green energy solutions, according to a statement.This partnership aligns with the government's efforts to encourage rooftop solar setups for various types of customers, such as residential users under PM Surya Ghar Yojana, housing societies, and MSMEs.Residential customers can get loans up to Rs 2 lakh with just a 5 percent margin money requirement for installing solar systems up to 3 KW under the PM Surya Ghar Yojana.These loans come with a competitive annual interest rate of 7.10 percent, require no collateral, and can be repaid over a period of up to 10 years. Loans of up to Rs 6 lakh can be obtained with a 5 percent margin money requirement for installations ranging from over 3 KW to 10 KW.These loans have interest rates varying from 8.3 percent to 10.25 percent annually, and they do not require collateral, with a maximum duration of 10 years. Registered housing societies and residential welfare associations are eligible for loans up to Rs 1 crore with a 10 percent margin money stipulation. TOPSTORIES
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