Engro Polymer & Chemicals was founded in 1997 as part of Engro Chemical Pakistan. In November 1997, the company entered into a joint venture agreement with Mitsubishi Corporation and Asahi Glass Company to build a polyvinyl chloride (PVC) manufacturing plant. The $80 million project was financed with $37 million in equity and $39 million in long-term debt. Engro contributed 50 percent of the equity ($18.5 million), Asahi 30 percent ($11.1 million), and Mitsubishi 20 percent ($7.4 million). Foreign currency debt of $28.5 million came from the International Finance Corporation and CDC, while local currency debt of $10.5 million and working capital of $4 million were provided by various Pakistani and international banks. The facility was constructed at Port Qasim, in close proximity to the city of Karachi. The plant was engineered to produce 100,000 tonnes of suspension grade PVC resin per year. The production of PVC at the facility began in 1999. More information...
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