The Adani Group on Monday said it has put major equipment procurement and site construction activities on hold at the green PVC project of Mundra Petrochemicals Ltd., pending financial closure by the lenders.
"Due to recent market developments, the management has decided to continue with the engineering, design and other activities, including financial closure in an accelerated mode," a company spokesperson said in a statement.
"Pending the above, it has been decided to keep the major equipment procurement and site construction activities on hold," the statement said.
The conglomerate said it hopes to obtain financial closure for the project in the next six months, after which full-fledged procurement and construction activities will commence at the site.
Earlier today, the National Stock Exchange and the Bombay Stock Exchange had sought clarification from Adani Enterprises Ltd. over news reports of work being suspended at the Rs 34,900 crore project in Mundra, Gujarat.
The Adani Enterprises stock closed 3.84% lower at Rs 1,805.1 apiece on Monday, against a 0.62% drop in the benchmark Sensex.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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