Allen & Overy has advised on TCI Sanmar Chemicals’ US$868 million project to create a polyvinyl chloride production facility at Port Said in Egypt. TCI is part of The Sanmar Group, a privately owned Indian company with a presence in chemicals, engineering, metals and shipping. The transaction marks the first substantial international project loan that is wholly financed by Indian banks.
Andrew Castle, a London-based partner in Allen & Overy’s projects, energy and infrastructure practice, said: “We are extremely proud to have been involved in this landmark transaction. It is a tribute to the tenacity and vision of Sanmar and the strength of their Indian banking relationships that they have been able to complete this financing in the face of such challenging global credit conditions.”
The syndicate of banks was advised by White & Case. It includes the State Bank of India, Bank of India, ICICI Bank, Indian Overseas Bank, Axis Bank, Export-Import Bank of India, Bank of Baroda, Indian Bank, Syndicate Bank and Union Bank of India.
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