Indorama Ventures makes strategic investment in India

The capital expenditure plan includes a new PET resin manufacturing facility, additional balancing equipment, and a large range of specialty yarns, further strengthening IRSL’s ability to serve clients across the country, the Thailand-headquartered IVL said in a press release.

IVL has continually developed its PET resin business in India since 2016 through IVL Dhunseri Petrochem Industries Private Limited (IDPIPL), a joint venture with Dhunseri Ventures Limited.

The new PET resin facility at Nagpur will add 700 tons of capacity per day and is expected to be operational by the second quarter of 2022. Together with plants at Haldia and Karnal, the Nagpur facility further strengthens IVL’s position as India’s largest resin producer, with a total capacity of over 1 million tons annually.

The plant at Nagpur, which IVL has managed since 2019, is also the company’s first fibre manufacturing site in India, offering a wide range of staple fibres and filament yarns. Under the investment plan, it will meet global brands’ increasing demand for more high-quality and sustainable textile products.

“India is a strategic high-growth market for us. Our capital expenditure plan reflects our long-term commitment to the industry’s development in India. It is important that we continually invest to ensure that we can serve our customers across India, wherever we are needed,” said DK Agarwal, CEO of Combined PET, IOD and Fibers Business at IVL.

Fibre2Fashion News Desk (RKS)