A Lenders’ meet was held on 29 May 2010 at Mumbai to update the lenders on the progress of the project, the completion schedule and financing requirements. The Lenders’ meet was well-attended by all the lenders at senior levels as well as by representatives from the Lenders’ engineer (Jacobs Consultancy) and the international market consultant (CMAI). There were over 30 participants at the Lenders’ meet. The update, which was well received, included a short video clip on the operations of The Sanmar Group including all the plants under operation and construction. The Sanmar team was led by Vijay Sankar and included PS Jayaraman, R Kalidas, R Rangarajan, N Muralidharan and Shiva Rajaraman.
The banks which attended the Lenders’ meet included the project leaders State Bank of India, Bank of India, ICICI Bank, Indian Overseas Bank, Bank of Baroda, Axis Bank, Exim Bank, Indian Bank, Syndicate Bank, Union Bank of India and the working capital bank Arab African International Bank (AAIB).
Bank of India Executive Director BA Prabhakar and General Manager (International Division) SK Datta visited TCI Sanmar Chemicals in Egypt in the first week of June 2010. They were updated on the progress of the project by PS Jayaraman and R Kalidas.