Adani Plans $4 Billion Petrochemical Complex In Guj, But Denies Competing With Ambani

| Updated: November 25, 2022 7:54 pm

Ahmedabad billionaire Gautam Adani has revealed an ambitious $4 billion petrochemical complex project in Gujarat. Adani, 60, the wealthiest man in Asia, also plans to launch a super app in six months to connect passengers using the Adani-maintained airports with services offered by the group.

Speaking to the Financial Times, Adani denied that moving into petrochemicals would put him in direct competition with fellow billionaire and Gujarati Mukesh Ambani. “There’s no competition. India is a huge growth market and everybody is welcome.”

There is no denying that Adani’s petrochemical plan mirrors Mukesh Ambani’s, who raised more than $27 billion in 2020 from global investors by selling stakes in units of his conglomerate Reliance Industries Ltd.

Adani has consistently said that India’s economy is expected to grow to $30 trillion by 2050, a nearly ten-fold increase from its current size, as a result of increased consumption and social and economic reforms. The country’s gross domestic product may start growing by $1 trillion every 12 to 18 months within the next ten years, increasing its appeal as a location for investments, he predicted at a recent conference in Mumbai. He said that India’s share of global GDP will exceed 20% by 2050.

The coal-to-ports billionaire reaffirmed his company’s commitment to invest $70 billion in a clean energy value chain. He said that economic growth will likely mean India’s energy consumption will rise by 400% by 2050, and the country will undertake “an unparalleled” energy transition to cater for this demand.

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