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Indo-Jordan Chemicals plans $200 mn expansion
Friday, 01 December 2006, 18:30 IST
New Delhi: The Indo-Jordan Chemicals Company (IJCC), the largest Indian joint venture in Jordan, plans a $200 million investment to double its production capacity and meet a growing demand for phosphoric acid.
"From 250,000 tonnes per annum production capacity, we are planning to double our capacity with an investment of $200 million to double our export revenue to $180 million," said A.C. Muttiah, chairman of fertiliser major Southern Petrochemical Industries Corp (SPIC), a majority stakeholder in the Jordan venture.
"Financing of the expansion is being arranged through a consortium of Jordanian banks," he said.
IJCC currently exports its total phosphoric acid production to India.
With the company revalued at $300 million after nine years of operations at full capacity, IJCC will raise the expansion funds from the consortium of Jordanian banks with no change in the equity structure, Babu K. Verghese, SPIC's managing director, told IANS.
SPIC currently holds 52 percent in IJCC with the Jordan Phosphate Mines Company holding 35 and the remaining 13 with the Arab Investment Company of Saudi Arabia.
"The expansion project should be completed in two and a half years," said Verghese.
Besides doubling its production capacity, IJCC is also looking at increasing the product profile.
"As a next stage, we are looking at production of technical and food grade phosphoric acid," Verghese said.
Food grade phosphoric acid is used in the manufacture of several edible products, including aerated drinks like Coca Cola.
On the SPIC front, Verghese said the company is in the process of restructuring its high-cost debts to the tune of 
14 billion for low-cost financing.
"We are restructuring our financials. We have outside banks and financial institutions that will buy out our existing debts and lend to us at a discount. The is likely to be completed in three-six months. This will help the company as our earnings will be able to service the debts much more easily," he added.
Source: IANS
14 billion for low-cost financing.
"We are restructuring our financials. We have outside banks and financial institutions that will buy out our existing debts and lend to us at a discount. The is likely to be completed in three-six months. This will help the company as our earnings will be able to service the debts much more easily," he added.
Source: IANS