Indorama Ventures Invests US$ 150M In Three Indian PET Recycling Plants
Bangkok-based Indorama Ventures Public Co Ltd is investing US$ 150 million in three PET recycling plants in India, with plans to commence commercial production by 2026, reported PTI. The plants will be located near existing PET production facilities in Haldia, Nagpur and Panipat. This move will augment Indorama Ventures’ current 800,000 tonne/year PET production for both Indian and export markets. The initiative aligns with global efforts to reduce fossil fuel use by increasing the use of recycled PET.
Indorama Ventures Group CEO Aloke Lohia expressed optimism about business prospects in India, particularly in manufacturing and government-led export promotion initiatives. He emphasized the potential in the Indian market, driven by robust domestic demand and export opportunities.
Lohia highlighted the demand for advanced technology-based auto components in India, including airbags. Indorama Ventures is exploring investments in this sector, aiming not only to replace imports but also to cater to domestic and export markets.
As India progresses economically and accelerates industrialization, Lohia expects increased demand for products utilizing advanced technologies.
Indorama Ventures, a global chemical company operating in 35 countries, is a leading PET and recycled PET manufacturer. Its mobility fibre business produces fibres and yarns widely used in the automotive industry in the United States, Europe and other regions.
