Sanmar group to invest $1.3 bn for expansion in Egypt

Chemicals maker TCI Sanmar will invest USD 1.3 billion to produce 2.75 lakh tonnes of caustic soda annually and 400 tonnes of poly vinyl chloride (PVC) at its plant in Egypt, Indian Ambassador to Egypt said today.

"The Indian company will implement an integrated project to produce 2,75,000 tonnes of this solid (caustic soda) annually and 400 tonnes of PVC in Port Said Governorate at a total investment of USD 1.3 billion," Indian Ambassador to Egypt R Swaminathan said in a statement.

TCI Sanmar, the Chennai-based Sanmar Group's Egyptian arm, is the biggest caustic soda producer in Egypt, he added.

Swaminathan noted that Egypt, after the January 25 revolution, has emerged as an investment destination and a safe haven for many investors and countries.

"Some Indian companies plan to expand their investment in Egypt in the chemicals domain in the period to come," he said.

Sanmar Group had acquired Trust Chemical Industries LLC (now TCI Sanmar Chemicals SAE) in South Port Said, Egypt, in March 2007.