Gautam Adani to invest more than $4 billion in the petrochem business, run a super app; call NDTV buy ‘responsibility’
India does not have enough hydrocarbons, Adani said in an interview with the Financial Times on Friday, revealing that it wants to build an ethane cracker, part of an industrial process to convert natural gas into plastic, and a coal-to-PVC plant. already under construction.
Ambani’s RIL has made ethane crackers in 2017. “There is no competition. India is a huge growth market and everyone is welcome,” said the 60-year-old industrialist.
Super app coming soon
Adani, who is also Asia’s richest man, is also aiming 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 industrialist also talked about the acquisition of leading Indian broadcaster NDTV. “Why can’t you support a media outlet to become independent and have a global footprint?” Ask the billionaire, whose group’s open bid for the broadcast network is open until December 5.
India does not have a single one [outlet] when compared to the Financial Times or Al Jazeera, Adani said that buying NDTV is a “responsibility” rather than a business opportunity. “Independence means that if the government does something wrong, you say it’s wrong. But at the same time, you have to be brave when the government does the right thing every day,” the industrialist told the publication.
Adani has invited NDTV co-founder Prannoy Roy to remain as chairman and shared that the cost of creating an international media group will be “negligible” for the Adani Group. Of note here is that Adani’s AMG Media Network also bought a stake this year in business news platform BQ Prime.
Adani’s global expansion
It has emerged last month that the conglomerate is expected to invest more than $150 billion in businesses such as airports, green energy, airports, and healthcare in a bid to get a $1 trillion valuation tag. The Adani Group is not shying away from going global and as seen in winning a port contract in Sri Lanka and developing a power plant in India to supply neighboring Bangladesh.
In addition, the conglomerate is “eyeing up entering the power sector in Israel” and “possibility” of bidding for gas-based power projects, the industrialist shared.
Meanwhile, Adani recently said that India will become a $30 trillion economy by 2050 – a nearly 10-fold jump from its current size – driven by rising consumption and social and economic reforms. India’s gross domestic product could start to cross $1 trillion every 12 to 18 months in the next decade.