Gautam Adani To Spend Over $4 Billion In Petrochem Business, Launch Super App, Calls NDTV Purchase A Responsibility
November 26, 2022: Gautam Adani invited NDTV owner-founder Prannoy Roy to be chairman and shared that the cost of creating an international media group would be “negligible” for the Adani Group.
It may be noted here that Adani’s AMG Media Network also bought a stake in business news platform BQ Prime this year.
Gautam Adani is not a small name in India or the world. From renewable power generation, natural gas to ports and terminals, the Adani Group has a presence in many sectors and is now planning to invest heavily in the petrochemical business.
The group, led by India’s richest billionaire, is mulling over a $4 billion investment in its Mundra port and petrochemical complex in the Special Economic Zone in Gujarat.
However, Gautam Adani does not believe that its entry into the sector will lead to serious competition from fellow billionaire Mukesh Ambani.
India doesn’t have enough hydrocarbons, Adani said in an interview with the Financial Times on Friday, adding that it wants to build an ethane cracker, part of an industrial process to turn natural gas into plastics, along with a coal-to-PVC plant.
Already under construction. Ambani’s RIL built an ethane cracker in 2017. “There is no competition. India is a huge growth market and everyone is welcome,” said the 60-year-old businessman.
Gautam Adani, also Asia’s richest man, also aims to launch a “super app” in the next three to six months to connect Adani Airport passengers with other Adani Group services.
In his interview with the FT, the billionaire businessman also talked about the acquisition of leading Indian broadcaster NDTV.
“Why can’t you support a media house to become independent and create a global footprint?” asked the billionaire, whose group’s open offer for the broadcast network is open till December 5.
It was revealed last month that the conglomerate is expected to invest more than $150 billion in businesses such as airports, green energy, airports, and healthcare to get a $1-trillion valuation tag.
The Adani Group is not afraid to go global and looks to win port contracts in Sri Lanka and develop power plants in India to supply neighboring Bangladesh.
Additionally, the group is “looking at entering the power sector in Israel” and is “likely” to bid for gas-based power projects, the businessman shared.
Meanwhile, Gautam Adani said recently that India will become a $30 trillion economy by 2050 – a nearly 10-fold jump from its current size – due to rising consumption and social and economic reforms.
India’s gross domestic product could start expanding by $1 trillion every 12 to 18 months over the next decade.
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