JANUARY 20259ADANI AND INDORAMA JOIN HANDS TO RESHAPE PETROCHEMICAL MARKETOBEN ELECTRIC HITS RS.150 CR VALUATION WITH LATEST FUNDING ROUNDAdani Group recently partnered with Thailand-based Indorama Resources to add a new milestone in the Refinery, Petrochemical, and chemical sectors. Adani Enterprises Limited AEL and Indorama Company entered into Marking a new high for India's burgeoning electric vehicle (EV) sector, Oben Electric, a homegrown electric vehicle manufacturer, has successfully a 50-50 JV to set up Valor Petrochemical Ltd (VPL), which significantly impacts the global petrochemical business.A regulatory filing by AEL states, "has completed the incorporation process of a joint venture company, namely Valor Petrochemicals Ltd (VPL) with Indorama Resources Ltd, Thailand." The project's first initiative will be a 3.2 million-ton Purified Terephthalic Acid (PTA) plant in Maharashtra, supported by an intended investment of around $3 billion. Insiders involved in the development disclosed that the initiative will continue to investigate upstream and downstream integration moving forward with prospective projects, one of which is located in Mundra.The company further added, "VPL is incorporated with the object to set up a Refinery, Petrochemical and Chemical business." Ndorama Ventures Public Company Limited, based in Thailand, ranks among the largest petrochemical manufacturers worldwide, functioning in three main areas: CAGR with combined PET, Indovinya, and Fibers.The group's flagship company is Adani Enterprises, which has diversified its business into various segments, such as airports, aerospace, defense, data centres and solar power and production. More recently, AEL stated it is exiting a 25-year, $2bn joint venture with Wilmar International to focus on sectors such as energy, utilities, transport and logistics, which are deemed more critical infrastructural segments. secured 50 crore in its Series A funding round. Key investors include Ambis Holding US, Kuberan Ventures, Karimjee Group from Africa, Mission Vertical (US-based VC), Sanjeev Saraf (Polyplex) Family Office, and Pravek Kalp Family Office. With this latest round, the company's total equity capital raised now stands at 150 crore.This funding marks a critical milestone for Oben Electric as it sets ambitious growth plans. The company aims to scale its distribution network to over 100 showrooms and establish Oben Care service centers in 50 cities by FY26, further strengthening its presence in the domestic market. Additionally, the funds will support an expansion of its product portfolio, catering to a broader audience in the evolving EV space.Speaking on the achievement, Madhumita Agrawal, Founder & CEO, Oben Electric, said, "We are thrilled to close this Series A funding round, marking a pivotal moment in our journey to build a global EV powerhouse. This funding will fuel our next phase of growth as we expand across India and set our sights on entering strategic international markets, ultimately positioning Oben Electric among the top global players in the electric mobility space."With advanced LFP battery technology and vertically integrated operations, Oben Electric is poised to lead the charge in India's growing electric mobility ecosystem.
< Page 8 | Page 10 >