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Adani sees financial closure for petchem project in six months
#Adani Group expects funding for its greenfield coal-to-polyvinyl chloride project to be tied up in the next six months, rebutting a recent local media report that the initiative was stalled. After the financial closure, “full-fledged procurement and construction activities at the site will commence," the ports-to-power conglomerate said in a statement Monday. “ We are committed to completing the project in an expeditious manner so as to meet the original timelines." The Gautam Adani-led conglomerate has been reassessing its capital expenditure plans after a scathing short seller report in January lopped off more than $100 billion from its market value. Polyvinyl chloride is used to make plastic items from food containers to sewage pipes. India manufactures it using largely imported crude oil and other feedstock. Source -https://www.livemint.com/companies/news/adani-sees-financial-closure-for-petchem-project-in-six-months-11679350825969.html
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