Gautam Adani’s project likely to get Rs 170000000000 push from SBI, making India’s largest…

Gautam Adani is currently the second richest man in India with a net worth of Rs 670785 crore, as per Forbes. Gautam Adani is involved in a wide range of businesses through various companies under the Adani Group. One of the segments that the group is betting big on is petrochemicals. According to a report by the Mint, Adani Group’s petrochemical plant in Mundra is about to get a Rs 17000 crore loan from a consortium led by India’s largest lender State Bank of India (SBI). The loan amount is around 60-70% of the plant’s total capital expenditure requirement.

The report suggests that the loan will be part of a financial closure programme for Adani Petrochemicals Ltd plant. The upcoming plant will be India's largest PVC manufacturing facility once completed.

The project of the large petrochemical plant was halted in March last year as it decided to hold major equipment procurement and site construction activities after the Hindenburg saga. The plant that requires an overall capex of Rs 25000-27000 crore resumed work in July.

The report by the Mint suggests that SBI would probably downsell portions of the Rs 17000 crore loan to other banks. It is expected that the first phase of the Adani Petrochemicals pant is expected to be completed by 2026.