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Indorama ventures to invest $150 mn in Indian PET Recycling Plants
Industry News- Sep 13,23
Indorama Ventures Public Co Ltd, headquartered in Bangkok and primarily owned by Indian stakeholders, is embarking on a $150 million investment in three PET recycling facilities across India.
Indorama Ventures Public Co Ltd, headquartered in Bangkok and primarily owned by Indian stakeholders, is embarking on a $150 million investment in three PET recycling facilities across India, with plans to commence full-scale production in 2026.
Aloke Lohia, CEO of Indorama Ventures Group, revealed these investment intentions during an interview at the 21st Forbes Global CEO Conference, confirming that they have secured the necessary regulatory approvals and are in the process of acquiring land close to their existing PET production facilities in Haldia, Nagpur, and Panipat.
The output from these three recycling plants will supplement Indorama Ventures' existing PET production capacity of 800,000 tonnes per year, serving both the domestic Indian market and international exports. PET, known for its durability and recyclability, aligns with global initiatives to reduce reliance on new products derived from fossil fuels.
Lohia emphasised the imperative to increase the utilisation of recycled PET, particularly given India's robust economic growth, its burgeoning manufacturing sector, and government-led efforts to bolster exports. He expressed optimism regarding business prospects in India, with a focus on achieving substantial production scale to meet the surging local demand and export opportunities.
Lohia underscored the importance of airbags for automobiles, highlighting the company's proficiency in the requisite technology and base materials, such as nylon and polyester, crucial for airbag manufacturing—compulsory in Western automotive markets. Indorama Ventures is presently collaborating with Indian original equipment manufacturers specialising in advanced technology-based auto components, assessing potential investments that could cater to both domestic and export markets.
"We aspire to do more than merely replace imported components, such as airbags, used by Indian automobile manufacturers," Lohia stated, foreseeing growing demand for technologically advanced products in India as the country advances economically and accelerates its industrialisation efforts.
Indorama Ventures initially entered the Indian market approximately six years ago and remains sanguine about its future prospects, buoyed by the optimistic market outlook and burgeoning growth opportunities, particularly within the automotive industry.
Lohia elaborated on the expansive possibilities for business growth within the automobile sector, while also noting that Indorama Ventures, a global chemical company with operations in 35 countries built over three decades, holds the distinction of being the world's leading producer of PET and recycled PET. Furthermore, the company's mobility fiber business specialises in manufacturing a diverse range of fibers and yarns utilised in the automotive sector, with significant deployment in the United States, Europe, and other regions.
Source: Indiatimes
PET recycling
Indorama Ventures
India investment
PET production
sustainability
automotive industry
recycling plants
Aloke Lohia
Forbes Global CEO Conference
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