Kolkata-based Dhunseri Group promoted South Asian Petrochem Limited (SAPL) is scouting for private equity partners for its newly formed subsidiary company Dhunseri Polycarbonate which is setting up a Rs 2500 crore polycarbonate mega project in Haldia.
C K Dhanuka, chairman and managing director, Dhunseri Tea & Industries Limited, said “the company has 98 acres of land in Haldia for the Rs 2500 crore polycarbonate mega project and is trying for financial closure as soon as possible.” SAPL will be holding almost 50 percent stake of the newly formed company and the rest will be divested through the private equity route. "We are searching for private equity partners and are in talks with some," he mentioned.
The project will take three years for completion and the company will use Asahi Kasai's environment friendly technology for setting up the plant.
South Asian Petrochemicals has signed an agreement with the Asahi Kasai Chemicals of Japan last August for technological know-how.
The production capacity of the plant will be around 1,30,000 tons per annum.
The demand for polycarbonate which is a kind of engineered plastic and has a lot of application is around 75,000 tons in India which is wholly imported for abroad, said Dhanuka.
The debt equity ratio for the project will be 2:1 Chief Minister Buddhadeb Bhattarcharjee today laid the foundation stone for the group's new Dhunseri IT park at Bantala. Of the Rs 130 crore project, Phase I is to be completed in 36 months at an estimated cost of Rs 64-65 crore. Of this, Rs 40 crore will be provided by State Bank of India as a loan. The park will have a built up area of 7.19 lakh and will be able to house over 7000 IT professionals.
