Sanmar group plans to invest $150 m more in Egyptian venture

October 31, 2014 12:56 am | Updated May 23, 2016 03:59 pm IST - CHENNAI:

The Sanmar group is planning to inject additional investments into its Egyptian venture Trust Chemicals Industries of Egypt.

The city-based acquired Trust Chemicals in March 2007, and renamed it as TCI Sanmar Chemicals S.A.E.

The Sanmar group is planning an additional investment of $150 million in the venture to set up a new PVC plant with a capacity of two lakh tonnes, and also to increase the ethylene manufacturing capacity by 60,000 tonnes.

The Sanmar group has so far invested $1.15 billion in the projects of TCI Sanmar.

The fresh investment is part of the Phase-2 programme.

After Phase-2, the total investment of Sanmar will be around $1.30 billion, claimed to be the largest Indian investment in the chemical sector in Egypt.

TCI Sanmar Chemicals S.A.E., Port Said, runs a chemical complex to manufacture 2.75 lakh tonnes annually of caustic soda, 60,000 tonnes annually of green ethylene from ethanol, and two lakh tonnes annually of polyvinyl chloride (PVC) in Port Said.

Prime Minister of Egypt Ibrahim Mehleb visited the plant on Tuesday and lauded the scale of operations, said a release.

Mr. Mehleb reiterated the commitment of the Egyptian government to resolve all issues faced by investors, the release added.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.