India's Polyplex commits to $150m PET plant in Turkey

29 May 2012 16:17  [Source: ICIS news]

LONDON (ICIS)--Indian polyester film manufacturer Polyplex Corp is to construct a $150m (€120m) polyethylene terephthalate (PET) plant in Turkey, the company said on Tuesday.

The installation, with a capacity of 600,000 tonnes/year, would go into operation within two to three years, according to Kapil Gupta, senior vice president of Polyplex.

Raw material for the plant, to be sited in the Corlu tax-free zone, west of Istanbul, would be sourced from sole major Turkish petrochemical producer Petkim and other local suppliers, he added.

However, Polyplex was considering investing $500m with a Turkish or international partner to construct another plant in Turkey which would produce its own raw material for PET production, he added.

The PET output would largely be used in the production of plastic bottles, Polyplex said.

The plant would target an initial export value of around $1bn a year, it added.

Polyplex said it had been assisted in its investment objectives by Turkey's Investment Support and Promotion Agency (ISPAT).

($1 = €0.80)

By: Will Conroy
+44 20 8652 3214

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