Thailand’s Indorama Ventures has signed a deal with Indo Rama Synthetics to set up a new petrochemical plant in India. The project, announced during the visit to India of Thai Prime Minister Yingluck Shinawatra, will manufacture Purified Terephthalic Acid (PTA), Polyethylene Terephthalate (PET) and Polyester Staple Fibre (PSF). Details of the US$700 mln project, including its capacity and location, are expected to be made public once formal negotiations have been completed.
“India today is a fast-growing market that is demanding attention from the world’s fast-moving consumer goods companies, who are our customers,” said Aloke Lohia, group CEO and Indorama Ventures. It is imperative that we are there to serve these customers and the emerging local producers who will be consuming more and more PET and PSF over the next decade. We are looking at the long-term double-digit growth in demand for such products and feel this is the right time to move into the market.”