Indorama Ventures Public Co Ltd, located in Bangkok and majority-owned by Indians, is investing USD 150 million in three PET recycling plants in India, with plans to begin commercial production in 2026.
“We have obtained basic regulatory approvals, and land acquisition is going on nearer to our three existing PET-producing plants at Haldia, Nagpur and Panipat”, said Aloke Lohia, the CEO of Indorama Ventures Group, on the sidelines of the 21st Forbes Global CEO Conference on Tuesday.
Indorama Ventures’ current 800,000 tonne/year PET output for the Indian and export markets will be supplemented by recycled PET from the three plants.
PET is a long-lasting material that may be recycled several times.
He emphasized the importance of increasing the use of recycled PET, while also supporting worldwide attempts to limit the usage of fossil fuels in the production of new items.
Lohia is optimistic about business opportunities in India, citing the Indian economy’s rapid expansion and government-led export promotion initiatives.
Lohia is concentrating on large-scale production in India, citing insatiable local demand and export potential.
Lohia singled out automobile airbags.
“We have the technology and base materials nylon and polyester that are used to make airbags, which are mandatory in automobiles in western markets”, Lohia continued.
Executives from Indorama Ventures are meeting with Indian original equipment manufacturers of innovative advanced technology-based vehicle components. The Investment potential is being assessed, and it will be scaled for domestic and export markets.
Lohia went on to say, “We will want to do more than just replace imports of components, such as airbags, that are used by Indian automobile manufacturers”.
Lohia anticipates that demand for products created using modern technologies will increase in the Indian market as the country’s economy grows and industrialization initiatives accelerate.
“We started in India about six years ago and are confident of prospects given the bright market outlook and the opportunities for growth”, Lohia noted.
“There are so many applications in the automobile industry”, Lohia said of the potential for corporate expansion.
Indorama Ventures is the world’s top manufacturer of PET and recycled PET, with operations in 35 countries built over three decades. Its mobility fibres division manufactures a variety of fibres and yarns utilized in the automotive sector, which are widely developed and deployed widely in the United States, Europe, and elsewhere.
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