Indian Dhunseri Petrochem buys ECHEMs 23% stake in joint venture

Cairo – Mubasher: India-based Dhunseri Petrochem on Tuesday announced it has purchased Egyptian Petrochemical Holding Company’s (ECHEM) 23% stake in their joint venture Egyptian Indian Polyester (EIPET).

The Indian firm will purchase the share over seven tranches until 2023, Dhunseri said in a statement.

Dhunseri Petrochem has paid off the first two tranches, accounting for 43,700 shares of EIPET’s total shares, the company added.

The company has not revealed any further details regarding the value of the deal.

In January 2018, ECHEM said it was conducting preliminary studies for three projects with $1.842 billion in investments.