KARACHI, Sept 30: A financial syndicate led by National Bank of Pakistan will provide Rs1.5 billion to Gharibwal Cement Limited to purchase new plant. According to an announcement here on Friday, Gharibwal Cement signed an agreement with NBP-led syndicate for this loan facility.

The new plant will raise the production capacity of the cement manufacturer from 1,800 tons to 6,700 tons per day. The installation of new plant will take two years.

Gharibwal Cement has appointed a Chinese company M/s Tianjin Cement Design as the contractor for the upgradation of its production line.

The other members of the syndicate are: PICIC, PICIC Commercial Bank, Saudi Pak Leasing, Saudi Pak Industrial and Agriculture Investment Co, Saudi Pak Commercial Bank, and Bank of Punjab.—APP