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Sanmar group chalks out Rs 2,825 cr investment plans
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SME Times News Bureau | 07 Mar, 2017
The $1.5 billion privately-held Sanmar Group, with interests in
chemicals, engineering, shipping and steel castings, on Monday announced
it has chalked out around Rs 2,825 crore fresh investments plans - on
its own and in joint venture.
The investments, in Tamil Nadu,
Puducherry and in Egypt, will be in doubling of flagship company
Chemplast Sanmar Ltd's suspension polyvinyl chloride (PVC) capacity, and
setting up of hydrogen peroxide plant - both at an outlay of around Rs
700 crore.
The group also plans a chlorinated PVC (CPVC) project
in equal joint venture with Kem One SAS of Europe involving a total
outlay of Rs 325 crore, and increasing the PVC capacity in its Egypt
plant to 400,000 tpa which calls for an investment of around Rs 1,800
crore.
"Work on the doubling up of suspension PVC capacity will
begin in 12 months time and the plant is expected to go on stream in
couple of years' time. The outlay will be around Rs 600 crore. The
expansion will happen at our existing facility in Cuddalore in Tamil
Nadu," Group Deputy Chairman Vijay Sankar told reporters here.
There
is a large demand for suspension PVC and with a current capacity of
300,000 tpa, Chemplast Sanmar is the second largest maker in the
country.
According to Sankar, the plan is to take the suspension PVC production capacity to one million ton per annum in stages.
Chemplast
Sanmar Managing Director Ramkumar Shankar meanwhile told IANS that they
"did not go for expansion earlier as availability of feed stock was an
issue. Now couple of plants in the region are coming up and we will now
import the feedstock".
According to him, the company will locate
the Rs 100 crore 18,000 tpa hydrogen peroxide project at its Mettur
facility and cater to the textile units in the state.
The 20,000 tpa CPVC project in 50:50 joint venture with Kem One will come up at Karaikal in Puducherry.
The investments will be funded by debt and internal accruals.
Meanwhile the Sanmar group launched the Golden Jubilee celebrations of Chemplast Sanmar.
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