Adani Enterprises Completes 60% of Construction on ₹26,000-Crore Mundra PVC Project

Adani Enterprises Ltd has announced that it has completed around 60 percent of the construction and project expenditure on its ₹26,000-crore polyvinyl chloride (PVC) plant located at Mundra in Gujarat. The first phase of the one-million-tonne-per-annum facility is currently on track for commissioning in the financial year 2028.

The company disclosed the project's financial and construction progress during an investor call and presentation. Adani Enterprises stated that it has spent ₹16,133 crore on the project so far. This includes ₹3,895 crore in FY25, ₹7,979 crore in FY26, and ₹4,319 crore in the first half of FY27, bringing cumulative spending to roughly 62 percent of the planned investment.

During the investors' call, management noted that construction on the ground has crossed the 60 percent mark. The first part of the project is expected to be commissioned in the next fiscal year. Following commissioning, the plant will undergo a stabilization period lasting the next six to nine months. Management confirmed that the project is progressing well and remains on schedule.

The facility is designed to produce PVC and related materials. The initial phase forms part of a planned two-million-tonne-per-annum PVC complex that Adani Enterprises is developing as the cornerstone of a petrochemical cluster at Mundra in the Kutch district. According to the company, the project is expected to help reduce India's reliance on imported PVC, which is utilized in industrial applications such as pipes, construction materials, and cables. Domestic demand for these materials is supported by ongoing infrastructure development, housing, water supply, and irrigation projects.

The Mundra investment aligns with Adani Enterprises' broader strategy to build new industrial and infrastructure businesses. The company's expansion roadmap spans several sectors, including petrochemicals, copper, new energy, airports, and data centres.

"The steady capital deployment and progress on large-scale industrial projects like the Mundra PVC plant highlight the long-term capital intensity required in the core infrastructure and manufacturing sectors. As major conglomerates execute multi-year capex plans, projects of this scale are strategically positioned to address domestic supply gaps and reduce import dependency in critical industrial inputs like PVC, supporting downstream sectors such as construction and utilities." — Dr. Shishir Gupta, Founder & CEO, StartupLanes