Indorama Ventures to Invest USD 150 Million in PET Recycling Plants in India
Bangkok-headquartered Indorama Ventures Public Co Ltd, which is majority-owned by Indian investors, is investing USD 150 million in three PET recycling plants in India. The plants are expected to start commercial production in 2026.
The recycled PET from the plants will supplement Indorama Ventures’ current 800,000 tonne/year PET production for the Indian and export markets. PET is a durable material that can be recycled multiple times.
Indorama Ventures CEO Aloke Lohia said the investment is in line with the company’s commitment to sustainability and its goal of reducing the use of fossil fuels in the production of new products.
Lohia is also bullish about the business prospects in India, especially in the manufacturing sector and the export market. He pointed to the insatiable local demand for PET and the export potential of recycled PET.
In addition to the PET recycling plants, Indorama Ventures is also exploring investment opportunities in other areas, such as the production of airbags for automobiles. The company has the technology and base material nylon and polyester that is used to make airbags, which are mandatory in automobiles in western markets.
Indorama Ventures 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 used in the auto industry.
The investment in PET recycling plants is a significant step for Indorama Ventures and a boost for the Indian economy. The plants will help to reduce pollution and create jobs. They will also help to meet the growing demand for recycled PET in India and around the world.
- 22 Sep
OYO Records Strong Growth in Business Travel Segment
OYO, a hospitality tech platform, has recorded strong growth in the business travel segment in the first seven months of 2023. The company has added nearly 2,800 corporate clients and its revenue from business travel has grown by 20%. The growth is being driven by strong demand from startups, film production houses, travel management companies, small and medium scale enterprises, and traditional business houses & conglomerates. OYO's commitment to providing affordable and reliable accommodation options to businesses of all sizes has made it a preferred choice for businesses across India.
- 22 Sep
Pharma Major Lupin Acquires 5 Legacy Brands from Menarini for Indian Market
Pharma major Lupin Limited has acquired five legacy brands in strategic therapy areas from Menarini for the Indian market. The brands are Piclin, Menoctyl, Sucramal O, Pyridium, and Distaclor. This strategic acquisition is in line with Lupin's goal to broaden its presence in the Indian market and offer a comprehensive range of products. The five brands acquired by Lupin have a range of medicinal properties and are used to treat a variety of conditions, including constipation, irritable bowel syndrome, acidity, stomach ulcer, heartburn, pain, burning, increased urination, and increased urge to urinate.
- 22 Sep
JPMorgan to Add Indian Government Bonds to Benchmark Emerging-Market Index
JPMorgan is adding Indian government bonds to its list of emerging market bonds that it invests in. This is a good thing for India because it means that more foreign investors will be able to buy Indian government bonds. This could bring in billions of dollars of investment into India, which would help the Indian economy grow.
- 21 Sep
Liberty General Insurance Appoints Parag Ved as CEO
Liberty General Insurance, a leading general insurance company in India, has announced the appointment of Parag Ved as its new Chief Executive Officer (CEO). Ved has over two decades of experience in the insurance industry, having held senior leadership roles at prestigious organizations such as ICICI Lombard General Insurance and Tata AIG General Insurance. He takes on the role following the retirement of Roopam Asthana.
- 21 Sep
Schneider Electric India to invest Rs 3,200 crore by 2026
Schneider Electric India plans to invest Rs 3,200 crore by 2026 to expand its industrial footprint in the country and focus on sustainable solutions. The company aims to be net-zero in its operations by 2030, carbon neutral by 2040, and net-zero CO2 emissions across its entire value chain by 2050.