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IVL completes integration of Indian PET joint venture
19
Sep '16
courtesy: Indorama Ventures
courtesy: Indorama Ventures
Global petrochemicals producer and Thailand based Indorama Ventures said it has completed the integration of its Indian subsidiary Micro Polypet Private Limited with another Indian company Dhunseri Petrochem Ltd. The PET production capacity of the joint venture company is now 700,000 tons per annum, making it the second largest PET producer in India.

According to IVL, the potential for growth in the PET industry in India is significant given that per capita consumption is currently at 0.6 kilograms per annum as against 2.6 kilograms per year in China and 10.9 kilograms per annum in the US.

“The joint venture will gain from significant synergies as being the sole producer of PET Resin in Northern and Eastern India and with all its manufacturing sites being effectively integrated with third party PTA suppliers,” IVL added.

“The milestone is an important step in driving IVL's strategic priorities forward while bringing together two leading companies with complementary strengths, brands and experiences,” Aloke Lohia, Group CEO of IVL said. “India is a very large country with a well-educated and booming middle class that will embrace the modern, hygienic lifestyle offered by PET packaging.” (AR)

Fibre2Fashion News Desk – India

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