Indorama Ventures Ltd Plc (IVL), leading integrated producer of polyester, has increased its investment budget until 2014 by 90% to around US$3.8 bln. This rise in investment will help in capacity expansion to 10 mln tons to better serve expected rise in polyethylene terephthalate (PET) film demand. Earlier, IVL had decided on an investment budget of US$2 bln for 5 years ending in 2014 with the goal of doubling its global combined capacity of 3.2 mln tons.
"We aim to be the undisputed leader in this industry through scaling, innovation and branding," said Aloke Lohia, the group chief executive officer, during a shareholders' meeting. Its focus will be emerging markets, where IVL recently acquired assets in SK Eurochem in Poland and Indonesia's SK Keris with SK Fibre Indonesia.