Thailand’s Indorama acquires Haryana-based Micro Polypet

With this acquisition, Indorama Ventures has made its foray into Indian polyethylene terephthalate (PET) market, which the company’s group chief executive officer, Aloke Lohia looks at as the world’s fastest growing developing economies.

 

“The acquisition strategically extends our footprint and scale and enhances our relationship with the world’s fast-moving consumer goods brands, all of who have their eye on this huge consumer market,” said Lohia.

 

He further said, “We are entering at the early stages of PET usage as just 0.6 kg of PET per annum is consumed in India today compared to 2.6 kg per annum in China and 10.9 kg per annum in the USA. Since we are now firmly established in two of Asia’s largest population centres, China and Indonesia, India has been the missing piece of our Asian market access.”

 

MicroPet is perhaps the sole PET manufacturer in Northern India and has virtual integration with the Indian Oil Corporation (IOCL) for its two major feedstocks PTA and MEG. Currently MicroPet has approximately 12% of the capacity share in India. It utilises melt-to-resin technology that IVL has experience with at its AlphaPet plant in Alabama, the USA.