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New Delhi, Jan 6 (PTI) Billionaire Gautam Adani's group has teamed up with Thailand's Indorama Resources Ltd for a foray into the petrochemical business as the ports-to-energy conglomerate looks to expand in adjacencies.

Adani Petrochemicals Ltd, a subsidiary of the group's flagship Adani Enterprises Ltd, "has completed the incorporation process of a joint venture company namely Valor Petrochemicals Ltd (VPL)... with Indorama Resources Ltd, Thailand," Adani Enterprises said in a stock exchange filing.

Adani Petrochemicals and Indorama will hold 50 per cent stake each in the joint venture.

"VPL is incorporated with the objective to set up a refinery, petrochemical and chemical business," it said.

Adani Petrochemicals was incorporated to set up refineries, petrochemicals complexes, speciality chemicals units, hydrogen and related chemicals plants and other similar units in a phased manner.