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Adani Group halts development on a Rs 34,900 crore petchem project in the wake of the Hindenburg disaster

The Adani Group has suspended work on its Rs 34,900 crore petrochemical project in Maharashtra after the fallout of the Hindenburg Research report that alleged financial and environmental misconduct by the group.

The project was expected to be the largest petrochemical project in the state and was set to be completed by 2021. The project was to be set up in the Raigad district of Maharashtra and would have had a production capacity of 1.1 million tonnes per annum of paraxylene and 200,000 tonnes per annum of benzene.

The Adani Group had already invested over Rs 5,000 crore in the project, which was set to create over 10,000 jobs in the region. However, the project has been put on hold in light of the allegations and investigations that might follow. The group is now reassessing the project and its future prospects.