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Indorama Ventures commits to $150 million investment in India

Indorama Ventures commits $150 million investment in India

Bangkok-based Indorama Ventures, primarily owned by Indian stakeholders, has announced plans to make a $150 million investment in India.

The global chemical company will build three state-of-the-art PET recycling facilities across India.

This is part of the company’s strategy to bolster its sustainable production practices and expand its presence in the Indian market.

The company expects to start commercial operations at these recycling plants by 2026.

Aloke Lohia, Indorama CEO, said: “We have obtained basic regulatory approvals and land acquisition is going on nearer to our three existing PET-producing plants at Haldia, Nagpur and Panipat.

These new plants would supplement the firm’s ongoing PET production efforts, amounting to 800,000 tons annually.

PET, known for its durability and recyclability, will play a role in reducing the dependency on virgin plastics, in line with global initiatives to curb fossil fuel usage.

Highlighting the tremendous growth prospects in the Indian market, Lohia expressed confidence in India’s economic trajectory, especially in the manufacturing sector and government-led export promotion initiatives.

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He emphasized the importance of scaled production in India, citing the country’s burgeoning demand and export potential.

He said: “We have the technology and base material nylon and polyester that is used to make airbags, which are mandatory in automobiles in western markets.”

Indorama is consulting with Indian original equipment manufacturers in the advanced technology-based auto components sector.

They’re evaluating investment opportunities that align with both domestic and export markets.

Lohi said: “We will want to do more than just replace imports of components, such as airbags, that are used by automobile manufacturers in India.”

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