South Asian Petrochem (SAPL) with Egyptian Petrochemicals Holding Company (ECHEM) is to float a new company, Egypt India Pet Chem in Q3-2007.
In line with the company's strategy to make an enhanced focus on the export market to tap emerging global opportunities, SAPL plans to start a new manufacturing facility in Damietta, Egypt with an installed capacity of 315,000 tpa of PET, in association with a Chinese engineering company. SAPL will hold 70% of the equity in its Egyptian subsidiary. The investment outlay is estimated at US$100 million, to be raised through a mix of equity and debt, for which Egyptian and European banks have been approached.
Manufacturing is expected to commence by the end of 2009, and will cater to the markets in Western Europe, West Asia and Africa.
17-Jul-07 
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