Indo Rama Synthetics (India) Limited, the country's largest dedicated polyester manufacturer and Indorama Ventures Public Company Limited (IVL], Thailand's largest Polyester producer, today signed a MoU to construct a world-class, state-of-the-art and integrated facility in India containing PTA (Purified Terephthalic Acid), PET (Polyethylene Terephthalate) and PSF (Polyester Staple Fiber) plants.
Speaking on the occasion Mr. 0. P. Lohia Chairman & Managing Director, Indo Rama Synthetics (India) Limited said. "The PET and PSF market in India is poised for growth with global consumer goods companies aggressively looking Asian markets for growth. India is currently in short supply and a net importer of PTA This plant will help us serve our customer locally and expand our markets globally. This plant will be strategic to our company's growth over the next decade. We will soon identify suitable place and commence operations."
Aloke Lohia, Group CEO and founder of Indorama Ventures said, "India today is a fast-growing market that is demanding attention from the world's fast moving consumer goods companies, who are our customers. 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 "
PET is commonly used in food and drinks packaging and is familiar to all as the bottles from which people consumer water and soft drinks. PSF is a polyester alternative tn natural fibers and allows the manufacturers of clothing and other soft products to produce low-cost items ideally suited to a large and growing population. PTA is the major raw material used in the production of both PET and PSF.