Dhunseri Petrochem and Tea will start construction of its PET Resin manufacturing unit in Egypt by June. The company has put on hold its plans to start construction because of the political instability after an uprising in that country, which put an end to the 30-year-old rule of Hosni Mubarak.
The plant will be built with an investment of about $160 million and will have the capacity of about 420,000 tonnes per annum (TPA).
Recently, Dhunseri Petrochem & Tea has commenced production from its Haldia Plant which was shut down after a fire broke out in raw material store of the plant. The production from the plant has started at the rate of 420 TPD and full capacity is expected to be achieved shortly.
The company suffered a loss of Rs 75 crore due to the fire. But the company has insurance coverage and has already applied for it. It also expects to achieve mechanical completion of Haldia unit-2 project by March 2012 with the project cost around Rs 370 crore.
Dhunseri Petrochem & Tea reported a net profit of Rs 24.99 crore for the quarter ended December 31, 2010 down by 4.67% as compared to Rs 26.21 crore for the quarter ended December 31, 2009.
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