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 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Apparel/Garments | On 27th Apr 2017

EC takes action to make garment sector more sustainable

The European Commission (EC) has presented a set of focused actions...

Textiles | On 27th Apr 2017

Seven new organisations join ZDHC Programme

The Zero Discharge of Hazardous Chemicals (ZDHC) Programme from...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X