Published: January 2, 2013
Ahli Bank and India's KLJ Organic agree US$100mn financing for manufacturing complex.
KLJ Organic, an Indian chemicals group, has signed a US$100mn financing agreement with Ahli Bank for the construction of a Qatar-based chemical manufacturing complex.
The facility, to be named KLJ Organic Qatar WLL, is a joint venture between KLJ Organic (40%) and Qatar Industrial Manufacturing Company (QIMC), which holds 60%.
Located in the Messaieed industrial area, the plant will manufacture chlorinated paraffin, caustic soda, hydrochloric acid, calcium chloride, sodium hypochlorite and other chemicals. KLJ is the first Indian company to invest in Qatar’s industrial sector. Its move is part of QIMC’s strategy of encouraging the entrance of foreign companies into the Qatari market on a joint-venture basis.