Oct. 18, 2019
BASF SE (BAS.XE) said Thursday that it signed a memorandum of understanding with Abu Dhabi National Oil Co., India's Adani Group and Borealis AG to further evaluate collaboration on a chemical production complex in India, which would include an up to $4 billion investment.
"The parties are examining various structuring options for the chemical complex that will leverage the technical, financial and operational strengths of each company," BASF said.
The possible site would be situated at Mundra port in Gujarat, India, and the products would predominantly be for the Indian market, it added.
The companies plan to finalize a joint feasibility study by the end of the first quarter next year, while production is to start in 2024.