Dhunseri plans to bring in strategic partner and restructure outstanding debt at Egyptian plant

26-May-16
Dhunseri Petrochem has embarked on a plan to bring in a strategic partner for its loss-making Egyptian venture and restructure the outstanding debt. Dhunseri Petrochem is the majority partner in the Egyptian company with a 70% stake, while two local firms own the rest. IFC Washington, Commercial International Bank (CIB) and Ahil United Bank, Egypt are the lenders. Continuous losses have fully eroded the net worth of EIPC, which had a loss of US$60 million (Rs 402 crore) at the end of the last fiscal as per telegraph india.com. Egyptian Indian Polyester Company (EIPC) SAE has appointed a merchant banker to look for an equity partner on the advise of lenders who have an exposure of US$165 mln (Rs 1,105 crore) in the polyethylene terephthalate (PET) resin venture in the north-west of the Gulf of Suez. The plant is not in production for over a year because of lack of working capital. This was reflected in the consolidated balance sheet of Dhunseri Petrochem
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