Dhunseri Petrochem Ltd and Indorama Ventures have joined hands to manufacture and sell PET resins for Indian domestic markets and for exports in which former will hive off its Haldia Plant to new a joint venture.
In a complex corporate restructuring, Dhunseri Petrochem Ltd (Dhunseri) has decided to hive-off its Haldia manufacturing asset into new JV company, Dhunseri Pet Global.
"Under the scheme of arrangement with Thailand's Indorama Ventures Public Company Limited (IVL) it will acquire 50 percent in Dhunseri Pet Global at Rs 418 crore. Rest 50 percent continued to be held by Dhunseri Petrochem," its Chairman C K Dhanuka told PTI.
In simple terms, after the transaction Dhunderi Petrochem will hold 50 percent new JV company Dhunsderi Pet Global and 50 percent in IVL's Haryana plant.
Dhanuka said "Dhunseri Petrochem to get Rs 285 crore while, Rs 130 crore will be retained by new company Dhunseri Pet Global under the scheme of arrangement.
Dhunseri Petrochem's Egypt business is not included in the deal.
Dhunseri's 4,80,000 tonnes plant at Haldia unit is country's largest PET manufacturing facility.
Aloke Lohia, Group CEO and Founder of IVL said, "This joint venture will allow us to gain the highest benefits by covering a larger geographical area of the fast-growing India market with a complementary and experienced partner.
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