Richimen Plans $150m Projects In Trinidad & Tobago

Richimen Fertilizers Ltd, a unit of the Richimen group, has lined up four major projects in Trinidad and Tobago costing $150 million. The projects include setting up of a fertiliser plant, a hotel with a catering institute and a beer and liquor plant.

Richimen has submitted a proposal to the visiting Trinidad and Tobago prime minister Basdeo Panday seeking permission to put up the four projects in the Caribbean island nation.

The company recently finalised the purchase of a plant in the US. It plans to install the same in Trinidad and Tobago. As part of this plan, it has already entrusted Dorr Oliver, India with the responsibility of shifting the unit to the island nation.

 

The company proposes to set up a di-ammonia phosphate plant in two years. The project cost, estimated at $90 million, includes the cost of real estate and plant and machinery.

Richimens Hyderabad-based group company, Hotel Blue Moon, plans to set up a four-star hotel with a catering institute at a cost of $30 million.

The debt-equity ratio for this project will be 2:1.

Richimen also proposes to set up a beer and liquor project costing $30 million. While the beer brewery is expected to manufacture three lakh hectalitres of beer at an investment of $20 million, the liquor factory will be set up at an investment of $10 million to manufacture one lakh litres of whisky, brandy, gin and rum.

Richimen group will use the brand name Orient Express. Blue Moons hotel project will have 200 rooms with a banquet hall, health club and other facilities.

The proposed catering institute will train about 200 persons in hotel management. For sourcing funds for its ammonia plant, Richimen plans a debt-equity ratio of 1:2, while the equity will be $30 million, bonds and debentures of $60 million will be floated in the international market.