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Indorama Ventures to invest $2 bn by 2014
19
Aug '10
Indorama Ventures Plc has allocated two billion dollars for new investment programmes through 2014, which also includes acquisition of a polyester manufacturing firm in China. The acquisition is believed to meet conclusion in the second part of the year.

According to Aloke Lohia, Chief Executive of the IVL Group, the company by means of acquisitions would target a rise of 20 percent in its earnings this year, so as to sustain the expansion of its customer base.

Lohia, recently while addressing an investor meet divulged that the polyester business is churning out around 200,000 tons, each year. Also he stated that, they are also eyeing three new investment projects in the second half of the year.

The acquisition will be funded by utilizing the company's working capital and bank loans. The current debt-equity ratio of IVL is 1:1. As stated by Lohia, IVL, which is globally recognized as a leading producer of polyester fibre, yarn and polyethylene terephthalate (PET), presumes to gain from the sustainable economic revival in US and Europe.

IVL also is exploring growth potentials in other areas of the world like North America, Europe and Asia. Lately, the company launched its first plant at Nigeria in Africa. The plant with production capacity of 75,000 tonnes per annum is projected to commence its trade operations in the third quarter of 2011.

On similar lines, company's AlphaPet project in the United States, a PET recycling plant with production capacity of 36,000 tonnes per annum is expected to commence operations in the last quarter of 2011.

The company's revenues for second quarter of the year were recorded at 23.87 billion baht, a bit higher than 21.05 billion baht recorded for previous year. At the same time, company's revenues for the first six months of the year stood at 47.97 billion baht as against 38.65 billion baht recorded in the first half of the earlier year.

Likewise, the company's net earnings for the second quarter were recorded at 2.25 billion baht, as against 2.22 billion baht in same period of the previous year. Whereas, net profits for the period January to June were recorded at four billion baht, up from 3.68 billion from a year before.

Fibre2fashion News Desk - India

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