Fairfax India to invest $300 million in Sanmar Chemicals
Posted on:12 Apr 2016 12:35:29
12 April 2016 Current Affairs GK: Sanmar Chemicals, India's private sector petrochemical firm, will receive Rs.1,996 crore equity investment from Fairfax India Holdings, reported Reuters. A 30 percent minority stake in the company will be offered through a combination of equity and fixed income instruments to Fairfax.Fairfax India Holdings said ,it has agreed to acquire a minority stake in privately held Indian petrochemical company Sanmar Chemicals via a roughly $300 million investment. The Sanmar investment is the latest in a string of bets Fairfax India and its sister concern Fairfax Financial Holdings Ltd have made in the country within the last year. The two entities are chaired by Canadian billionaire Prem Watsa.Headquartered in Chennai, Sanmar Group is a family-owned enterprise headed by N.Sundar. The $1 billion conglomerate has business concerns in engineering technologies and shipping, apart from chemicals.Sanmar Chemicals is one of India's largest producers of polyvinyl chloride (PVC), with manufacturing establishments in India and Egypt. Expansion at its Egypt plant will see the company double its PVC production to 400,000 tonnes a year. Once completed, it has potential to exceed production capacity to over 700,000 tonnes a year, making it one of the largest PVC makers globally, said the news agency.
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