One of the Adani Group's biggest, most expensive and most controversial projects is its plan to create a coal-to-PVC plant in north-west India. The proposal is to turn coal into polyvinyl chloride, a commonly used plastic. The plant would be located at Adani's 'special economic zone' at Mundra in the state of Gujarat (the home state of both Gautam Adani and Indian PM Narendra Modi). The project has been criticised for its environmental implications, including the likely emission of dioxins and furans.
Eleven months ago, the project was put on the backburner following the hit taken by the Adani Group in world financial markets following release of the explosive Hindenburg Report. However, in July 2023 it was reported that a consortium of lenders headed by the State Bank of India would finance the project.
Here, veteran Indian journalist Paranjoy Guha Thakurta interviews Swathi Seshadri of the Centre for Financial Accountability on Adani’s US $4-billion coal-to-PVC (plastic) project. She outlines costs, toxic impacts and the prospect of the coal coming from Adani’s Carmichael mine in Australia.