Atal Roped In To Market South Asian Petro Haldia Project

The company has already entered into a marketing alliance with $846 million Helm AG and Polytrade Gmbh of Germany. C K Dhanuka, managing director, Dhunseri Tea & Industries Ltd, said, "The agreement to market polymer in the international market has already been signed."

Helm AG with presence in 32 countries and 38 marketing departments is engaged in international marketing, distribution, warehousing, processing, services and functions of chemicals, plastics, fertilisers, pharmaceuticals, and raw materials.

The company has a five-year agreement with Helm AG and Polytrade GmbH with export of 1 lakh tonne guaranteed to them and the balance 40,000 tonne would be sold in the domestic market.

 

Dhanuka said land has already been acquired and formalities with West Bengal Industrial Development Corporation (WBIDC) are expected to be cleared within a few days. Since the project is a 100 per cent export oriented unit (EOU), 75 per cent of the products will be exported. Hence, the decision to rope in world class leaders was necessary.

While, WBIDC has invested Rs 9.15 crore as equity, the promoters contribution is Rs 5.86 crore. The German collaborator Lurgi is to contribute Rs 14.25 crore and an additional Rs 9.50 crore will be privately placed with DEG of Germany.

IDBI, IFCI and the Exim Bank of India have separately appraised the project. While term loans worth Rs 220 crore will come in from IDBI and IFCI on a 50:50 basis, the Exim Bank will contribute Rs 40 crore for the project.

However, Dhanuka said, "The shareholders of this Rs 450 crore project will be announced after financial closure". The building of the plant will commence once the agreement with the shareholders is sealed, which is likely to happen by the year end.