Indorama Ventures Public Co Ltd is planning to invest $150 million in three PET recycling plants in India with an aim to start commercial production in 2026.
Indorama Ventures Group CEO Aloke Lohia said they have obtained basic regulatory approvals and land acquisition near three existing PET-production plants in Nagpur, Haldia, and Panipat.
Recycled PET from the three plants will serve as the company’s current 8,00,00 tons per year of PET production for the Indian and export markets.
PET is durable, can be recycled multiple times, and can support global initiatives to reduce the use of making new products from fossil fuels.
The company was built over three decades ago and is a global chemical company with operations in 35 countries. It is the world’s leading manufacturer of PET and recycled PET.
The company’s mobility fibre business produces a range of fibres and yarns that can be used in the automobile industry.
Lohia also singled out airbags for automobiles, saying, “We have the technology and base material nylon and polyester that is used to make airbags, which are mandatory in automobiles in western markets.”