Page 140 - CW E-Magazine (3-12-2024)

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six manufacturing plants with a com- the Chamarajnagar plant would cater franchisee-led painting services model
bined capacity of 1,332-mlpa. The specifi cally to the increasing demand designed to supplement the company’s
total upfront investment for the pro- in the southern region, aligning with direct painting services. This new ini-
ject is Rs 10,000-crore out of which the company’s growth strategy. tiative will focus on broadening the
it has invested Rs. 8,470-crore. Two company’s customer reach and service
additional plants are in development, Mr. Himanshu Kapania, Director, offerings across regions.
with the Mahad plant near Pune in Aditya Birla Group, said, “With four
trial production and the Kharagpur out of our six state-of-the-art, fully “Our dedication to cutting-edge
plant near Kolkata under construction. automated manufacturing plants now R&D, ESG initiatives, and smart fac-
Birla Opus Paints, launched in 2024, operational across Panipat, Ludhi- tory technology is delivering the best
has already introduced 129 products ana, Cheyyar and Chamarajnagar, we quality of decorative paints in the coun-
with over 900 SKUs across various are well-positioned to meet growing try with host of differentiated product
categories. Aditya Birla Group Chair- demand by having higher supply capa- features for the entire ecosystem. The
man Kumar Mangalam Birla stated city. The inauguration of our fourth plant opening of our fourth fully automated
that the business is on track to achieve marks a key milestone, reinforcing our factory is a reinforcement to our com-
its revenue target of Rs. 10,000-crore commitment to progress”. In addition mitment of building a successful paints
within the fi rst three years of full-scale to the new plant, Birla Opus Paints business in India,” said Mr. Rakshit
operations. He also highlighted that also launched PaintCraft Partner, a Hargave, CEO, Birla Opus Paints.
CORRUPTION CHARGES

France’s Total puts Adani Group investments on hold

French oil major TotalEnergies has bribery scheme linked to the business diligence and representations made by
announced suspension of additional of Adani Green Energy. the sellers.
investments in Adani Group companies
pending the resolution of US bribery TotalEnergies acquired a 19.7% In February 2023, TotalEnergies
allegations against the Indian con- stake in Adani Green Energy in January had suspended its planned participa-
glomerate’s founder. 2021. Subsequently, in September, tion in Adani Group’s $50-bn green
it established an equal partnership hydrogen initiative following Hin-
The Paris-based company, which venture with the Indian conglomerate denburg Research’s allegations of
holds strategic stakes in Adani Group’s to acquire three operational renew- accounting irregularities and stock
renewable energy and gas distribution able assets with 1,150-MW capa- market manipulation. The French
businesses, said it was not made aware city, investing $444-mn. Additionally, company had planned to acquire
of the US investigation into corruption it holds 37.4% in Adani Total Gas, 25% in Adani New Industries in June
related to the Indian group’s solar which sells CNG to automobiles and 2022.
power business. “TotalEnergies rejects natural gas to households.
corruption in any form. This indictment Adani’s clarifi cation
does not target Adani Green Energy “TotalEnergies, which is not targeted Following the release of Total
Ltd. (AGEL) itself, nor any AGEL- nor involved in the facts described by Energies’ statement, Adani Green
related companies,” the company said such indictment, will take all relevant issued a clarifi cation saying that there
in a press release. actions to protect its interests as a is no new fi nancial commitment under
minority shareholder of AGEL and discussion with the latter.
TotalEnergies said it learned as a joint-venture partner in project
through public announcements by US companies with AGEL,” the French “We wish to clarify that there is no
about the indictment against Adani fi rm added. new fi nancial commitment under dis-
Group’s founder-chairman Gautam cussion with TotalEnergies. Hence, the
Adani and others. Adani Group founder- The company said it made the press release will not have any mate-
chairman Gautam Adani, his nephew investments in Adani Group companies rial impact on the company’s opera-
and Adani Green Energy’s executive “in full compliance with applicable tions or its growth plan,” Adani Green
director Sagar Adani, and others are laws” and in line with its own internal said in a statement issued on the stock
charged with executing a $265-mn governance processes pursuant to due exchanges.

140 Chemical Weekly December 3, 2024

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