TCI Sanmar Chemicals LLC achieved financial closure on 30 Mar 2009 for its $ 868 mln (approx Rs 4,340 cr) Vinyl Chloride Monomer (VCM)\ Polyvinyl Chloride (PVC) project at Port Said in Egypt.
The syndicate of banks like State Bank of India, Bank of India, ICICI Bank, Indian Overseas Bank, Axis Bank, Export-Import bank of India, Bank of Baroda, Indian Bank, Syndicate Bank and Union Bank of India have together provided a long term loan facility of $ 565 mln (approx Rs 2,825 cr). Arab International Bank is providing a separate $ 70 mln (approx Rs 350 cr) working capital facility. The remaining cost of the project will be funded by equity and internal accruals.
On completion by early 2010, the chlor-alkali plant will have a VCM capacity of four lakh tpa, half of which will be converted into downstream PVC (two lakh tpa) for sale in the local and regional markets. The caustic soda production capacity will also be more than doubled to 2.75 lakh tpa.
Source : ProjectsToday
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