Adani Group has reportedly approached SBI for a Rs 14,000 crore loan to set up a coal-fired PVC plant in Mundra, Gujarat.
Adani Enterprises announced in its annual report last financial year that it has entered the petrochemical industry. It also said it is exploring opportunities to set up a petrochemical plant at Mundra. As part of that, it plans to produce 2 thousand kilo tons of PVC per year.
This information is available on the Environmental Clearance website. Salt, lime, coal and potassium chloride are the raw materials for PVC, from which suspension PVC, chlorinated PVC and emulsion PVC are produced.
A project to produce PVC from coal is being constructed in a phased manner. In the first phase, they plan to start a plant with a capacity of 1,000 kilotons of PVC per annum by 2024. The total investment of this project is Rs.19,000 crore. Out of which they have asked SBI for a loan of Rs.14,000 crore.
Earlier last March, SBI approved Rs 12,770 crore loan for the Navi Mumbai airport project. They have asked for more than that now. It is said that the repayment period is 15 years and the minimum interest rate may be 7.45%. Reports also suggest that SBI may approve this loan and sell a certain amount to other banks.
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