Indian petrochemicals giant Sanmar to invest $350 mn in Egypt

Indian group Sanmar plans to invest $350 million in the expansion of its Egypt plant, raising its total investment in the country to $1.45 billion.

The expansion of Trust Chemical Industries (TCI) in Port Said has been studied and approved by the company, Chairman Vijay Sankar was quoted as saying by Egypt's state news agency MENA on Sunday.

Sanmar acquired the petrochemicals plant TCI in 2007 and plans to turn it to the largest integrated producers of caustic soda and PVC in the Middle East and North Africa region.

Caustic soda is used in the manufacture of pulp and paper, textiles, drinking water, soaps and detergents, while PVC is used in the manufacture of underground pipes carrying water, gas and sewage.

During the first half of the current fiscal year, India’s net foreign direct investment reached $1.1 billion while bilateral trade between the two countries was around $1.8 billion, according to Egyptian Central Bank data