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KARACHI: Engro Polymer and Chemicals Ltd (EPCL) has secured $35m from the International Finance Corporation (IFC) to fund the expansion plans for its PVC production plant of PVC, the company said in a communique to the exchange on Thursday.

The IFC financing is a part of the initial Rs10.3 billion expansion plan announced earlier, out of which Rs5.4bn was already raised by the company from the issue of right shares.

EPCL said a new production line of PVC was planned to cater to its rising demand, which surged significantly due mainly to a boom in construction activities.

With a new PVC plant of 100,000 tonnes capacity, the total production would expand to 295,000 tonnes per annum while production of VCM (raw material) would increase by 50,000 tonnes through debottlenecking of the existing plant by 3QCY20.

Published in Dawn, November 9th, 2018