India-based Dhunseri Petrochem to invest $225 mln in Egypt

India-based Dhunseri Petrochem plans to pump investments worth $225 million in its joint venture Egyptian Indian Polyester (EIPET).

The company plans to finance its factory after studying the fund requirement, officials at Dhunseri Petrochem told India’s Economic Times.

The company plans to begin the operation of a production line as of August 2018 with a capacity of 300,000 tonnes per annum and an estimated sales of $500 million a year, officials said.

Dhunseri Petrochem announced last week it had purchased Egyptian Petrochemical Holding Company’s (ECHEM) 23 percent stake in their joint venture EIPET.

The Indian firm will purchase the share over seven tranches until 2023.

Last Friday, Dhunseri Petrochem paid off $87 million in EIPET’s arrears to Commercial International Bank (CIB), Ahli United Bank, and International Finance Corporation (IFC).