India-based Platinum Industries laid the foundation stone for its $6million PVC and CPVC additives and plastic stabilisers manufacturing plant at Orascom Industrial Park’s Sokhna Complex within the Suez Canal Economic Zone (SCZONE).

The laying of the foundation stone was witnessed by Waleid Gamal El Dien, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE) and Ajit Gupte, India’s Ambassador to Cairo. 

The factory, spread over an area of 10,000 square metres, will have a production capacity of 30,000 tonnes annually, SCZONE said in a press statement.

“The manufacturing of PVC/CPVC additives and stabilisers is one of the industries that SCZONE aims to localise to cover the domestic market needs,” Gamal El-Dien said.

He also welcomed the factory’s emphasis on environmentally friendly production through the use of renewable energy.
Ambassador Gupte highlighted that investments by Indian companies in Egypt’s manufacturing sector touched $3.3 billion.

“There are great opportunities for more economic cooperation between the two countries, especially in SCZONE,” he said.

Krishna Rana, chairman of Mumbai-based Platinum Industries said the project in Egypt is the company's first overseas venture, and the selection of SCZONE inside Egypt is the first step in the company's 2030 growth strategy to expand and grow in multiple markets.

He said the Sokhna facility will cater to the local demand for PVC stabilisers which will reach 12.3,000 tonnes in 2023 and 15.5,000 tonnes by 2027.

The agreement for this project was signed during SCZONE’s visit to India in June 2023, the SCZONE statement said.

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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