International Finance Corporation has
picked up 25 per cent equity in Gujarat-based Meghmani Finechem (MFL), a
subsidiary of the Singapore-listed Meghmani Organics (MOL) as a strategic
investor for its proposed chlor-alkali plant at Dahej in Bharuch district.
Under the tie-up, IFC will invest up
to Rs.46.1 crore in MFL, equal to 25 per cent equity of the project, and provide
a long-term loan dollar-equivalent of up to Rs.80 crore for import of equipment
for the proposed Rs.554.2 crore plant. IFC will also help to strengthen the
project's technology and environment-friendly operating standards, involving
energy-efficient membrane cell technology.
The commercial production of the first
phase of MFL's project is expected by December 2008/January 2009. The second
phase will comprise the production of derivative products with higher
value-addition.
Also See:
Meghmani Organics
plans caustic chlorine complex at Dahej (30-Oct-07)