Bangkok, Thailand
Indo Rama
Synthetics (India) Limited (IRSL), a subsidiary of global petrochemical
producer Indorama Ventures Public Company Limited (IVL), announced its plan to
spend up to Rs 6 billion to upgrade equipment and add capacity at its
manufacturing site in Nagpur. The capital expenditure plan includes a new PET
resin manufacturing facility, additional balancing equipment and a large range
of speciality yarns, to further strengthen IRSL’s ability to serve clients in
India.
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. The Nagpur plant has been
managed by IVL since 2019 and is the company’s first fibre manufacturing site
in India. It offers 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.
D K Agarwal,
CEO, Combined PET, IOD and Fibres Business at Indorama Ventures said that India
is a strategic high-growth market for them and their capital expenditure plan
reflects their long-term commitment to the industry’s development in India. He
added that it is important that they continually invest to ensure that they can
serve their customers across India, wherever they are needed.
India is a
strategic market for IVL, where the company operates all three of its global
integrated business segments – Combine PET, Fibres, and Integrated Oxides and
Derivatives (IOD). 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 Nagpur
facility along with plants at Haldia and Karnal 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.
Source – Indorama Ventures Press Release
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