Indo Rama Synthetics Ld. plans to invest an estimated amount of Rs 1,000 crore over the next four years to set up a new purified terephthalic acid (PTA) plant near Mangalore along with bigger power projects. The major force governing this decision is the projected availability of PTA when ONGC, IOC and MRPL's planned paraxylene plant comes onstream in Mangalore. PTA, which is a raw material for manufacturing polyester and a by-product of paraxylene, will be available in plenty.
The partner for the project has not been named by the company, that is awaiting state government to assume office so that they can get the necessary clearance.