Polyplex to invest US$150 mln in Turkey

30-May-12

Polyplex Corp Ltd. (PPC), Indian manufacturer of polyester film plans to build a US$150 mln plastics plant in Turkey and plans another investment of US$500 mln within 5-8 years to produce 600,000 tpa feedstock polyethylene terephthalate, as per Bloomberg. The plant will have exports of US$1 billion a year, Kapil Gupta, senior vice president for the company and will start operations within two to three years. Feedstock for PET will be purchased from local suppliers such as Petkim Petrokimya Holding AS (PETKM). Polyplex will start the construction of the plant in the Corlu tax-free zone, to the west of Istanbul, in H2-2012. Polyplex is considering a joint venture with a Turkish or international partner for the additional investment at the site, Gupta said. “We are focusing first on PET resin investment and then will consider a resin raw material plant in 5 to 8 years with a partner,” he said. Ilker Ayci, head of the investment agency, said Polyplex investment will help Turkey increase its foreign direct investment this year from 2011’s $16 billion. “We may even break the 2007 record of $22 billion this year or next,” Ayci said.