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South Asian Petrochem's MoU with Echem

MUMBAI: South Asian Petrochem has entered into a memorandum of understanding (MoU) with Egyptian Petrochemicals Holding Company (Echem) for jointly setting up a 3.15 lakh tonnes per annum polyethylene terepthalate (PET) resin manufacturing plant in Egypt with an outlay of $95 million. The company has informed the Bombay Stock Exchange that a subsidiary of the company will be incorporated in Egypt, with equity participation from Echem.

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