Indorama acquires PET producer in India

Indorama acquires PET producer in India

4:36 AM, 1st December 2015
Indorama acquires PET producer in India
Aloke Lohia, group CEO, Indorama Ventures. (File photo)

BANGKOK, THAILAND: Indorama Ventures Public Company Ltd (IVL) said that it has acquired Indian polyethylene terephthalate (PET) manufacturer Micro Polypet Pvt Ltd (MicroPet). The plant is situated in Panipat district, Haryana, India and has a capacity of 216,000 tonne.

MicroPet is the sole PET manufacturer in Northern India and has virtual integration with the Indian Oil Corporation (IOCL) for its two major feedstocks PTA and MEG. Currently MicroPet has approximately 12 percent of the capacity share in India, a country with a population of 1.25 billion. It utilizes melt-to-resin technology that IVL has experience with at its AlphaPet plant in Alabama, the US.

“This is a unique opportunity for us to establish a foothold in one of the world’s fastest-growing developing economies. This acquisition strategically extends our footprint and scale and enhances our relationship with the world’s fast moving consumer goods brands, all of who have their eye on this huge consumer market,”  said Aloke Lohia, group CEO, Indorama Ventures.

“We are entering at the early stages of PET usage as just 0.6 kg of PET per annum is consumed in India today compared to 2.6 kg per annum in China and 10.9 kg per annum in the US. Since we are now firmly established in two of Asia’s largest population centres, China and Indonesia, India has been the missing piece of our Asian market access,” he added.

 © Worldofchemicals News

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