After successfully going through financial restructuring that had substantially reduced its interest outgo, Ester Industries Limited, the leading manufacturer of polyester chips and polyester films, is planning to a set up a 20,000-25000 tonnes per annum polyester film plant in Dubai to tap the United States and European markets.
"The project is estimated to cost about $35 million and would generate a turnover of about $50 million per annum. The expected EBIDTA from the project is 25 to 30 per cent of net sales," sources close to the top EIL officials told PTI in Kolkata.
"We are expecting to reach financial closure for the project soon," they said.
EIL currently has a capacity of 27,000 TPA in its plant located at Khatima in Uttaranchal of which about 50 per cent is exported to nearly 40 countries.
Explaining the rationale behind setting up a new plant in Dubai, sources said the decision was taken in view of the increasing demand of PET Films which is growing at 5 to 6 per cent globally and the company's core competence in PET films, and also to take locational advantage as exporting PET films to US and Europe would be easier from Dubai.
In addition, since a large portion of the market that EIL caters to was the international market, it was keen to establish a base outside India to take advantage of market access, especially US and Europe where the company's sales were restricted due to anti-dumping duties in PET film from India, highly developed infrastructure and overall lower costs, they said.
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