Thailand-based Indorama Ventures Public Co. Ltd. (IVL) and India-based Dhunseri Petrochem Ltd. have entered into a joint venture (JV) to manufacture and sell polyester (PET) resins within India’s domestic market and for export. Dhunseri will purchase a 50-percent stake in the IVL-owned company Micro Polypet Pvt. Ltd. In turn, IVL will acquire a 50-percent stake in a carved out Dhunseri PET manufacturing entity called Haldia. The JV is subject to regulatory approvals and expected to be completed in the second quarter of 2016.
“This joint venture will allow us to gain the highest benefits by covering a larger geographical area of the fast-growing India market with a complementary and experienced partner,” said Aloke Lohia, CEO and founder, IVL.