Saturday, Jun 10 2023 | Time 00:22 Hrs(IST)
Business Economy

MPL work suspended as financial closure yet to be obtained: Adani Group

Ahmedabad, Mar 20 (UNI) Adani Group on Monday said that it has put on hold the major equipment procurement and site construction activities of Mundra Petrochemicals Limited ( MPL) as financial closure of the project is yet to be obtained.
"Financial closure of the Green PVC project of Mundra Petrochemicals Limited ( MPL) is pending with the financial institutions and it is in their active consideration. Pending above it has been decided to keep the major equipment procurement and site construction activities on hold," a spokesperson of the Adani Group said.
The group, however, said it is hopeful of obtaining 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 Group said.
The spokesperson mentioned 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.
The clarification came in the wake of media reports that the Group has halted work on Rs 34,900 crore project after Hindenburg crisis.
Adani Enterprises Ltd (AEL) had incorporated Mundra Petrochem Ltd in 2021 for setting up a greenfield coal-to-PVC plant at Adani Ports and Special Economic Zone
(SEZ) land in Gujarat.
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