Dhunseri Tea Lining Up Polymer Foray

Promoted by the S L Dhanuka group flagship, the project would be a 100 per cent export-oriented unit under the name of South Asian Petrochemicals.

When contacted, a senior official of Dhunseri Tea confirmed that the company had drawn up plans for the project but did not wish to divulge any details. It is believed that an NRI group will partner the Dhanukas for the project.

The proposed installed capacity of the polymer unit is 1.25 lakh tonnes per annum.

Dhunseri has made some preliminary studies on the project which would be firmed up into a concrete project by December, when the zero date is scheduled. The project is estimated to go on stream in 30 months from then on.

 

The group is believed to have approached state government officials to arrange all final clearances.

The company is now in the process of working out financial details of the proposed venture. The company, it is believed, would source Rs 225 crore through financial institutions and external commercial borrowings.

The promoters are believed to be proposing to raise Rs 150 crore through a public issue.

Other modalities are yet to be finalised, said sources. The project has been appraised by IFCI.

Primarily into tea, the other group companies of the S L Dhanuka include Mint Investment and Trimplex Pvt Ltd.

Demand for most polymer products exceeded domestic production in 1995-96.

The situation would see a change over the next two years since significant capacities are being planned.