Dhunseri to commission Egypt plant next year

August 2nd, 2012 - 5:44 pm ICT by IANS  

Kolkata, Aug 2 (IANS) City-based Dhunseri Petrochem & Tea Ltd. (DPTL) is hoping to triple its turnover to Rs.60 billion in fiscal 2013-14 with the commissioning of its Egyptian plastic project next year.

“The Egypt project will be commissioned by the end of March. It will have two plants. Production capacity of each plant will be 215,000 tonnes per annum,” executive chairman C.K. Dhanuka told reporters after the company’s annual general meeting here Thursday.

“The first plant will be commissioned in March and second in June,” Dhanuka said.

The plants being built at an estimated cost of $160 million are expected to cater to the growing PET resin (Polyethylene Terephthalate/plastic used for beverage containers) demand from the Middle East, Africa, Europe and the US.

The company, which has 430,000 tonnes per annum PET resin production capacity at its Haldia facility in West Bengal, derived 68 percent of its PET resin sales revenue from within India and remaining 32 percent from the global market.

Dhanuka said currently six percent of the company’s total revenue came from its tea business.

DPTL, through its wholly-owned subsidiary Dhunseri Petrochem and Tea Pvt. Ltd., has recently acquired tea estates in the southeastern African country of Malawi.

The two acquired firms, Makandi Tea and Coffee Estates Ltd. and Kawalazi Estate Company Ltd., produce a total of 9.45 million kgs of tea.

“Next year profit from Africa (Malawi) will be Rs.15 crore. And going forward, I think it should be good,” Dhanuka said.

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