20 February 2008 07:37 [Source: ICIS news]
MUMBAI (ICIS news)--Indorama Thailand plans to set up a 200,000 tonne/year greenfield polyethylene terephthalate (PET) polymers plant in India at a cost of about $70m (€48m) to $80m, a company official said on Wednesday.
The plant is still in the planning stage, the source said adding that the facility would be located in the north or south part of India.
"There are no big PET facilities in north India, but there is the availability of raw materials, while in the south you can also enter the export market," he said.
He said that Indorama only plans to produce PET polymers for the time being.
India is going to be the first among the Brazil, Russia, India and China (BRIC) nations, in which Indorama is planning to invest $100m for expansion, he added.
He said that in the absence of acquisition opportunities in the BRIC countries, the company would set up greenfield plants.
($1 = €0.68)
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