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D K Agarwal, CEO of Combined PET, IOD and Fibers Business at Indorama Ventures: “India is a strategic high-growth market for us. Our capital expenditure plan reflects our long-term commitment to the industry’s development in India. It is important that we continually invest to ensure that we can serve our customers across India, wherever we are needed.”
Underscoring the strategic importance it attaches to the Indian market, global petrochemical producer Indorama Ventures Public Company Limited (IVL) is investing heavily in one of its manufacturing facilities there. IVL subsidiary Indo Rama Synthetics (India) Limited will spend up to INR 6 billion (€67 million) to upgrade the equipment and to add new capacity at its manufacturing site in Nagpur, India.
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Pic: Indorama Ventures Indo Rama Synthetics (India) Limited (IRSL), a subsidiary of global petrochemical producer Indorama Ventures Public Company Limited (IVL), will spend up to ₹6 billion ($82 million) upgrading equipment and adding capacity at its manufacturing site in Nagpur, India. IVL operates all three of its business segments – Combined PET, Fibers, and IOD – in India.
The capital expenditure plan includes a new PET resin manufacturing facility, additional balancing equipment, and a large range of specialty yarns, further strengthening IRSL’s ability to serve clients across the country, the Thailand-headquartered IVL said in a press release.
IVL has continually developed its PET resin business in India since 2016 through IVL Dhunseri Petrochem Industries Private Limited (IDPIPL), a joint venture with Dhunseri Ventures Limited.
May 6, 2021
BANGKOK, Thailand May 6, 2021, 2021 Indorama Ventures Public Company Limited (IVL), a global chemical producer, announced its first quarter 2021 financial results.
1Q2021 Performance Summary
Revenue of $3,240 million in 1Q2021, +10 percent YoY
Reported EPS of 1.04 THB, compared with 0.20 THB in 4Q20 and 0.07 THB in 1Q20
Reported EBITDA of $483M= million coming from higher Core EBITDA ($369 million, registering a growth of 45 percent QoQ and 21 percent YoY), positive contract adjustments and inventory gains
Company-wide cost and business transformation, Project Olympus, yielded $67 million during the quarter, on track to deliver our 2021 target of $287 million ($195 million extra efficiency gains over 2020)
Overview
Positive global sentiment, underscored by rebounding global oil prices and vaccine rollouts, has resulted in strong volume demand and strong margins for all IVL’s key products, driven at first by recovery in China and carrying forward into the sec
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