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Thursday, 26 May 2016

Egyptian Indian Polyester Company looking for a strategic partner

Chandra Kant Dhanuka-owned Dhunseri Petrochem is looking to bring in a strategic partner for its loss-making Egyptian Indian Polyester Company (EIPC), India’s The Telegraph reported. EIPC has appointed a merchant banker to look for an equity partner on the advice of its lenders. "Bankers feel that further equity should be pumped into the business. Accordingly [CI Capital], a subsidiary of CIB, has been appointed to look for a partner," Dhanuka, executive chairman of Dhunseri Petrochem, said. EIPC has borrowed funds from the IFC, CIB, and Ahli United Bank. The plant, in which Dhunseri Petrochem has a majority stake of 70%, has not been in production for over a year because of lack of working capital.

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