BANGKOK, Thailand — May 25, 2021 — Indo Rama Synthetics (India) Ltd. (IRSL), a subsidiary of global petrochemical producer Indorama Ventures Public Co. Ltd. (IVL), will spend up to INR 6 billion ($82 million) upgrading equipment and adding capacity at its manufacturing site in Nagpur, 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.
India is a strategic market for IVL, where the company operates all three of its global integrated business segments — Combine PET, Fibers, and Integrated Oxides and Derivatives (IOD). IVL has continually developed its PET resin business in India since 2016 through IVL Dhunseri Petrochem Industries Pvt. Ltd. (IDPIPL), a joint venture with Dhunseri Ventures Ltd.
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. With three manufacturing locations across the country, IVL serves customers throughout India.
The plant at Nagpur, which IVL has managed since 2019, is also the company’s first fiber manufacturing site in India, offering a wide range of staple fibers and filament yarns. Under the investment plan, it will meet global brands’ increasing demand for more high-quality and sustainable textile products.
D K Agarwal, CEO of Combined PET, IOD and Fibers Business at Indorama Ventures, said: “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.”
Posted May 25, 2021