India’s TCI Sanmar to invest USD 200 mn here next year
Indian industrial chemical manufacturer TCI Sanmar Chemicals is planning to resume its USD 200 mn investment in its Egyptian operations next year, the company’s Egypt CEO Sherif El Manoufi said, according to Al Mal. The investment will likely go towards expanding its production capacity of polyvinyl chloride and calcium chloride, with El Manoufi expecting a spike in demand of these chemicals on the back of infrastructure and national projects being greenlit and as Egypt looks to boost manufacturing of sanitizers. He anticipates that the company will “significantly grow” its market share in 1H2021.
TCI Sanmar had planned to invest USD 200 mn in 2020, but it appears that these have been put on hold due to limited demand caused by the covid-19 lockdown. El Manoufi noted that demand for products made by the company, including caustic soda, polyvinyl chloride, and calcium chloride had declined 30-50% in 2020.