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Dhunseri Petrochem & Tea Ltd, which commissioned its first petrochemical unit in Egypt on Tuesday, proposed to de-merge its tea and infrastructure businesses into two separate entities
Executive Chairman CK Dhanuka told Business Line the restructuring exercise was to apportion business focus and priorities among various segments. The tea business would be transferred to an entity at a consideration of one share for five shares held in Dhunseri Petrochem, while the new infrastructure subsidiary will issue 50 lakh shares of Rs 10 each to the parent company.
The names of the entities, including Dhunseri, would also change to reflect respective businesses. The petrochemicals vertical has production units in Haldia, West Bengal, and in Egypt for PET resin.
The $170-million Egypt project, which got little delayed because of the ongoing political turmoil in the North African nation, has seen a cost escalation of around 4 per cent.
The company has 10 tea plantations in Assam and two in the African nation of Malawi.
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