Sanmar Group plans to invest $150 mn in Egypt

The Group already invested $1.15 billion in the country

TCI Sanmar Chemicals, backed by privately-held Chennai-based Sanmar Group, plans to make around $150 million in Egypt.

The Group, which has interests in chemicals, so far has invested around $1.15 billion in various projects of TCI Sanmar in Egypt.

The announcement comes after the Prime Minister of Egypt, along with six of his cabinet ministers, had visited the TCI Sanmar’s facilities in Port Said, Egypt.

The proposed investment under Phase-II would go into setting up a new PVC plant with a capacity of 200,000 MT besides enhancing the ethylene manufacturing capacity by 60,000 MT, said the company.

TCI Sanmar Chemicals SAE, Port Said, has established a chemical complex to manufacture 275,000 MT per annum of caustic soda, 60,000 MT per annum of green ethylene from ethanol and 200,000 MT per annum of poly vinyl chloride (PVC), in Port Said, which is the largest in the West Asia and North Africa region. The Group is providing employment to about 2,000 Egyptians.

The company is supported by The Sanmar Group, which acquired Trust Chemicals Industries in the year March 2007 and renamed it as TCI Sanmar Chemicals S.A.E. The Sanmar Group has so far invested $ 1.15 billion in the projects of TCI Sanmar.

Considering the Phase -II investment, the total committed investment by Sanmar in Egypt stood at $ 1.3 billion, which is the largest Indian investment in in Egypt’s chemical industry.