India’s Sumeet gets nod for $35m polyester project

01 October 2008 17:39  [Source: ICIS news]

NEW DELHI (ICIS news)--India has granted environmental approval to Sumeet Industries Ltd’s rupees (Rs) 1.65bn ($35m) polyester expansion cum backward integration project in Karanj, Gujarat, a government official said on Wednesday.

 

The project was slated to come on stream in January and would comprise a 100,000 tonne/year continous poly condensation plant, the company said.

 

The work would be completed on time, it said, adding it was to mobilise additional equity from existing shareholders for part funding of the project.

 

The plant would have the capacity to produce 51,700 tonnes/year of polyester chips and would up the company’s polyester oriented yarn (POY) capacity from 12,000 tonnes/year to 60,300 tonnes/year.

 

($1 = Rs46.6)

By: Naresh Minocha
+65 6780 4359

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