Adani Group has approached the State Bank of India (SBI) seeking loan worth Rs 14,000 crore to build a new plant in Mundra, Gujarat.

The new unit is being planned to manufacture polyvinyl chloride (PVC) from coal. The total cost of setting up the project is around Rs 19,000 crore. Apart from this, Adani Group secured a loan worth Rs 6,071 crore for a new copper refinery at Mundra, on 26 June 2022.

Similarly, the bank is also coming up with a plan to underwrite the PVC plant loan in future, retaining just Rs 5,000 crore out of the total loan amount.

The plant is expected to be a part of the company’s plans to develop a petrochemical cluster at Mundra. It will have a production capacity of 2,000 kilo tpa and will make products like emulsion PVC, suspension PVC and chlorinated PVC.

The 2,000 kilo tpa project will be completed in Phase-I and is expected to be commissioned by 2024.

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