MOSCOW (MRC) -- Indorama Ventures (Bangkok) informed the Stock Exchange of Thailand that it has completed the previously announced acquisition of polyethylene terephthalate (PET) manufacturer Micro Polypet (MicroPet; New Delhi), said Borderless.
Plans for the acquisition were announced on 30 November. Indorama says the acquisition includes MicroPet’s subsidiaries Sanchit Polymers and Eternity Infrabuild. Financial details of the acquisition have not been disclosed. MicroPet’s PET plant is at Panipat, India, 90 kilometers north of New Delhi, and has a production capacity of 216,000 m.t./year. Indorama says it has completed all the closing formalities and has taken charge of the Panipat plant, effective 23 December.
MicroPet is the only PET manufacturer in northern India, and its plant is integrated with Indian Oil Corp.’s (New Delhi) production site at Panipat for its feedstocks, purified terephthalic acid, and ethylene glycol, Indorama says. MicroPet also has its own power plant. MicroPet uses melt-to-resin technology, which is also used at Indorama’s AlphaPet PET plant at Decatur, AL.
Indorama Ventures is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America. Its products serve major players in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial. The company’s main products are PTA, PET and polyester fibre, which are distributed across the world.