Home / Knowledge / News / Textiles / Indorama Ventures to buy PTA producer PT Polyprima
Indorama Ventures to buy PTA producer PT Polyprima
30
Jun '11
The Board of Directors of IVL at their meeting No. 5/ 2011 dated 29 June 2011 approved the acquisition of a 50% stake by IVL through its subsidiary Indorama Netherlands B.V. in PT Polyprima Karyesreska (“PT Polyprima”), a PTA producer. In this regard a definitive Share Purchase agreement will be signed on 30 June 2011 with selling of PT Polyprima.

PT Polyprima is located in Cilegon, West Java, Indonesia and has an installed capacity of
465,000 Mts. per annum. The technology used is that of Invista. PT Polyprima is currently under a debt restructuring process.

After the debt restructuring with creditors and issue of new capital by PT Polyprima, IVL
shareholding will be reduced to 41% in PT Polyprima. PT Indorama Synthetics Tbk, (PTIRS) will hold another 41% and the balance 18% by others. The restructuring and approval process is expected to be completed by Q4, 2011.

PTIRS is a Group Company of Mr. SP Lohia and Mr. Amit Lohia, Non-Executive directors of IVL having an annual polymer capacity of 290,000 Mts.

Currently, the plant is not operating and is expected to start commercial production in Q2, 2012 on completion of required maintenance, revamping and capacity de-bottlenecking. On de-bottlenecking the capacity will increase to 500,000 Mts per annum. We will update you on the start-up of plant.

Indonesia is growing to become one of the large polyester markets and has a shortage of PTA supply. IVL through its equity stake in PT Polyprima will secure the PTA supplies for its Polyester plants in Indonesia. The polymer capacity of IVL in Indonesia after the Greenfield project in Q1 2013 will be approx 460,000 Mts. per annum.

The consideration value is less than 5% of the total assets of the Company.

Indorama Ventures Public Company Limited

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search