Lurgi, Dhunseri In Haldia Tie-Up

German firm Lurgi has entered into a joint venture with the Dhunseri group for the Rs 443-crore PET resins project coming up at Haldia, West Bengal.

According to state government sources, Lurgi associate firm, Zimmer AG of Germany, will provide the technical know-how.

Of the Rs 270 crore equity component, the German firm is expected to initially invest an estimated Rs 9 crore.

The West Bengal Industrial Development Corporation is in the process of picking up a five per cent stake.

Meanwhile, the Industrial Finance Corporation of India (IFCI) has approved a proposal seeking a foreign currency debt of Rs 272.65 crore for the project. The debt-equity profile of the project has been hammered out.

 

The main promoters, the Dhunseri group, will invest Rs 34.08 crore. Financial institutions are slated to put in Rs 78.50 crore.

This apart, NRIs and foreign residents are expected to contribute Rs 18.74 crore and Rs 25.56 crore respectively.

The project, South Asian Petrochemicals, will be located close to the upcoming Rs 5,170-crore Haldia Petrochemicals. It will have a 1,40,000 tonnes per annum capacity and will be a 100 per cent export oriented unit. The group has a strong presence in the tea industry.

The state government recently received several project proposals which include a Rs 200-crore Blue Chip Technologies (India) venture for copper clad laminates with a 2000 tonnes per annum capacity.

Around 100 acres have been earmarked for the project at Durgapur.

The promoters are negotiating with a US-based partner for technology transfer and a buyback arrangement.

There have also been smaller proposals from Rescon (India), Control Techniques (India) for electric panels and Mermaid Fishfields.

The Indian Oil Corporation's Rs 240-crore LPG storage facility, a Rs 2,900-crore refinery promoted by the Chatterjee group and IBP-Caltex's Rs 216-crore LPG storage facility are some of the other major projects in various stages of implementation.