Indorama Ventures invests $82 million to upgrade India facility
The investment at the manufacturing site in Nagpur, India will also add a new PET resin manufacturing facility.
In a move that taps into one of its big strategic markets, global petrochemical producer Indorama Ventures Public Company Limited (IVL) is investing US$82 million to upgrade equipment and add capacity at its manufacturing site in Nagpur, India.
In a May 25 news release, officials with Indorama said the capital expenditure plan includes a new PET resin manufacturing facility, additional balancing equipment, and a large range of specialty yarns.
“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),” the news release said.
IVL has developed its PET resin business in India since 2016 through IVL Dhunseri Petrochem Industries Private Ltd., 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,” the news release said.
The plant at Nagpur, which IVL has managed since 2019, is also the company’s first fibre manufacturing site in India.