Taiwan co, Adani may join hands to set up Rs 400 bn petrochemical project


New Delhi, Jun 13: Gujarat is likely to see one of the largest foreign direct investments (FDI) in recent years with Taiwan’s state-run petroleum major China Petroleum Corporation Taiwan (CPC Taiwan) set to come up with Rs 400 billion petrochemical park at the Mundra SEZ.
The Taiwan state-run major may set up the project in tie-up with Adani Group. “Talks are in final stage. An agreement in this regard is likely to be signed during the next Vibrant Gujarat summit. The project may require around 800 hectare of land,” said a person close to the development. This comes close to the heels of Taiwan External Trade Development Council (TAITRA) chairman James Huang stating that Taiwanese companies should team up Indian majors to explore business opportunities.
Huang told the Taipei Times that Adani Group and CPC Corp are in discussions to jointly build a petrochemical park in India’s Mundra special economic zone. “This will be one of the largest foreign direct investments in Gujarat in recent years. The plant will produce products like ethylene and will also have a naphtha cracker unit,” the source added. However, both CPC Corp and Adani Group did not respond to the questions in this regard. The officials of CPC Corp already had a round of meeting with Gujarat chief minister Vijay Rupani too in this regard. Though CPC Corporation wanted Adani to take up a major stake in the projects, the Indian major’s participation in this regard is yet to take its final shape. Sources also hinted that the Taiwan company is also in talks with Andhra Pradesh government for the project.