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

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.