Dhunseri Petrochem to exits Egyptian JV

The company signed an agreement with Indorama Group to exit their joint venture company, Egyptian Indian Polyester Company (EIPET).

Dhunseri Petrochem plans to sell 50 per cent stake in the company to Indorama group companies. Earlier, on May 2018, the company entered into an share purchase agreement with one of its existing JV partners, Egyptian Petrochemicals Holding Company (ECHEM) for 23 per cent stake in EIPET. The Total consideration from the sale is US$ 31,84,495.

For Q41FY18, the company posted a net loss at Rs. 12.5 crore as against a loss of Rs. 69.6 crore in Q4FY17. The company's revenue for the quarter stood at Rs. 172.8 crore.

On Friday, at 15:27 hours, the stock of Dhunseri Petrochem was quoting Rs. 125.00 per share, 4.78 per cent on BSE. The stock was struck in its upper circuit for most part of the day. While the benchmark BSE Sensex was at 35,639.23, up by 39.41 point or 0.11 per cent.