 Sanmar Group firm achieves financial closure for Egypt project
TCI Sanmar Chemicals LLC has achieved financial closure for its $868 million project to establish vinyl chloride monomer (VCM) and PVC production facilities at Port Said in Egypt.
The transaction is reported to be the first ever major global project loan, fully financed by Indian banks. A consortium of Indian banks have together provided a long-term loan facility of $565 million while Arab African International Bank has agreed to provide $ 70 million working capital facility. And, it will also act as onshore security agent and onshore account bank.
Sanmar’s facilities at Port Said will be the largest chloralkali plant in Egypt with VCM capacity of 400,000 tonnes a year. About 50 per cent of the capacity will be converted into downstream PVC for sale in the local and regional markets. The caustic soda production capacity will also be increased to 275,000 tonnes a year.
The Sanmar group acquired the chemical business unit of Trust Chemical Industries at Port Said in Egypt in 2007.
Ashok Leyland reports 35 per cent fall in sales in 2008-09
 The slump in demand due to economic slow down and credit squeeze has hit Ashok Leyland’s truck sales in 2008-09. Total vehicle sales for 2008-09 fell 35 per cent to 54,444 units compared with 83,307 units in the previous year. Sales in the bus segment stood at 16,049 units. Export of buses stood at 3696 units(4688).
The company has reported 46 per cent drop in medium and heavy-duty truck sales at 31,069 units (57,835). Exports of medium and heavy duty trucks fell by about five per cent to 2280 units (2389).
Tata Motors also reported 32 per cent fall in medium and heady duty trucks at 113,674 units for 2008-09 while total domestic vehicle sales witnessed 15 per cent drop at 265,012 units.
 Indo-German JV ramps-up capacity
ebm-Nadi International, an Indo-German JV that is into manufacture of compact instrument cooling fans, has a production unit near Chennai at an investment of Rs 66 crore.
The new unit, the company’s second production unit in Chennai, will increase the manufacturing capacity of the company from 500 fans a day to 1500 fans a day.
ebm-Nadi International is a 51:49 joint venture between euros 1.1 billion ebm-papst of Germany and Kamdar-promoted Nadi Airtechnic
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