Petronet LNG defends petchem diversification plan after shares fall 8.5%
Petronet LNG defends its decision to diversify into petrochemicals despite an 8.5% share price drop. CEO A K Singh assures profitability for the Rs 21,000 crore project with a 19% internal rate of return. The plan includes a petrochemical plant, propane, and ethane handling facilities in Gujarat. The company reported a 10% YoY rise in Q2 profits but faced concerns about non-receipt of money from customers under use or pay charges.
Source: indiatimes.com