Indorama Ventures, a manufacturing company based in Bangkok, has announced the expansion of its manufacturing plant in Nagpur, India. The $82 million (USD) expansion will focus on building a polyethylene terephthalate (PET) resin manufacturing facility.
“India is a strategic high-growth market for us,” says D. K. Agarwal, CEO of Combined PET, IOD and Fibers Business at Indorama Ventures. “Our capital expenditure plan reflects our long-term commitment to the industry’s development in India. It is important that we continually invest to ensure that we can serve our customers across India, wherever we are needed.”
Additional improvements include equipment upgrades, an investment in balancing equipment and a large range of specialty yarns, the company says.
According to a news release by the company, the new PET resin facility at Nagpur will add 700 tons of capacity per day and is expected to be operational by the second quarter of 2022. Together with plants at Haldia and Karnal, the Nagpur facility further strengthens IVL’s position as India’s largest resin producer, with a total capacity of over 1 million tons annually.
The plant at Nagpur, which Indorama has managed since 2019, is the company’s first fiber manufacturing site in India, offering a range of staple fibers and filament yarns. The expansion will help meet the company’s increasing demand for high-quality, sustainable textile products, the company says.