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Sunday, 27 May 2018

India’s Dhunseri to invest USD 225 mn in EIPET:

INVESTMENT WATCH- India’s Dhunseri to invest USD 225 mn in EIPET: India’s Dhunseri Petrochem is looking to invest USD 225 mn in its Egyptian Indian Polyester Company (EIPET), company officials tell India’s Economic Times. “Going forward, we plan to infuse money into the plant after examining the fund requirement. We plan to start operating one production line from August 2018 with an installed capacity of 300k tonnes per annum,” they added. The firm says it is investing again thanks to crude prices shoring up. The company anticipates turnover from the project to reach USD 500 mn.

Dhunseri wants equity partner at EIPET, pays down debt, wants to buy-out Enppi’s share: Dhunseri is also looking to “rope a strategic partner for the Egyptian firm,” Dhunseri Group Chairman Chandra Kumar Dhanuka said. The firm bought out the the Egyptian Petrochemicals Holding Company (ECHEM)’s 23% share in EIPET last week and is also looking to acquire state energy firm Enppi’s shares in EIPET. Dhunseri said on Friday said it has paid back some USD 87 mn EIPET owed banks including CIB, Ahli United Bank and the International Finance Corporation.

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