The Adani Group, through its petrochemicals subsidiary, has tied up with Thailand's Indorama Resources to set up a equal joint venture named Valor Petrochemicals (VPL), the company said in an exchange filing.

"VPL is incorporated with the object to set Refinery, Petrochemical and Chemical business," the statement by Adani Enterprises said on January 6.

This joint venture also marks Adani Group's foray into petrochemical sector, and aims to leverage Indorama's expertise in the business. 

Gautam Adani's ports-to-energy Group had in 2021 floated the subsidiary - Adani Petrochemicals - to set up refineries and petrochemical complexes.

Indorama Ventures, the parent entity of Indorama Resources, is one of the largest petrochemical producers globally, operating in over 35 countries and based out of Thailand. 

It is one of the world’s largest producers of integrated polyester products and fibers, and a key player in the chemical business.