Petrochemicals and fibers firm Indorama Ventures announced Wednesday that a subsidiary of its petrochemical business Indorama Ventures Company Limited (IVL) is investing $82 million in a project to upgrade equipment and boost capacity at its manufacturing site in Nagpur, India. Indo Rama Synthetics (India) Limited (IRSL) plans to build a new PET manufacturing facility and add new balancing equipment and a variety of specialty yarns.
“India is a strategic high-growth market for us. Our capital expenditure plan reflects our long-term commitment to the industry’s development in India,” said M K Agarwal, chief executive officer of Combined PET, IOD, and Fibers Business at Indorama Ventures, in a release. “It is important that we continually invest to ensure that we can serve our customers across India, wherever we are needed.”
Slated to become operational in the second quarter of 2022, the Nagpur PET resins plant will be capable of producing 700 tn/day. The Nagpur site, along with its existing plants in Haldia and Karnal, gives IVL a total PET resins capacity of 1 million tn/yr.
IVL launched its PET resin business in India in 2016 through a joint venture with Dhunseri Ventures Limited, IVL Dunseri Petochem Industries Private Limited (IDPIPL).