TCI Sanmar has big investment plans for Egypt: Indian chemicals producer TCI Sanmar has plans to invest an additional USD 300 mn into its Egypt operations, bringing its total investments in the country to around USD 2 bn, chairman PS Jayaraman said during a meeting with Investment Minister Hassan El Khatib. The investments are expected to trickle in “over the coming period,” Jayaraman said without elaborating further.

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What kind of projects is the company looking to invest in? The chemicals player is looking to set up a marine terminal for importing ethylene, a key raw material for polyvinyl chloride (PVC) production, one of its staple products. The company is also working to boost the production capacity of its Port Said plants to meet growing local and international demand.

That’s not all: The company is seeking to set up cold storage facilities to support Egypt’s storage capabilities and improve supply chain. Company representatives will soon kick off discussions regarding the project with the relevant local authorities, Jayaraman said.

** We spoke with Jayaraman back in 2023 when he was featured in our Inside Industry vertical as our Manufacturer of the Month.

The meeting was one of many held between El Khatib and representatives from Indian companies, during his visit to the country.

ALSO FROM EL KHATIB’S TIME IN INDIA-

#1- Supermarket giant Lulu Group International is looking to expand in Egypt, company officials told El Khatib during a meeting. Lulu is looking to open up new branches to add to already existing nine across Egypt. The Abu Dhabi-based, Indian-owned company is also planning to set up cold storage facilities to support exports from Egypt.

#2- More renewable investments from Ocior? India’s Ocior Energy is looking to increase its investments in Egypt over the coming period, company officials told El Khatib, adding that the company is looking to leverage the country’s geographical location to develop renewable energy and green hydrogen projects. The renewables player is setting up a USD 4.3 bn green ammonia plant at the Port of Ain Sokhna under an agreement inked last year.

PLUS- El Khatib took part in a roundtable alongside senior Indian executives and industry leaders, during which he highlighted potential investments in the local market and touted Egypt as a regional hub for investment and manufacturing. He called on Indian companies to look into potential investments, namely in the renewables, manufacturing, tech, and logistics sectors. The minister also participated in the Raisina Dialogue — a multilateral conference New Delhi hosts annually — where he named even more areas for potential Indian investments, drug manufacturing and smart agriculture.

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