Indorama Ventures (Bangkok) on Wednesday informed the Stock Exchange of Thailand that it has completed the previously announced acquisition of polyethylene terephthalate (PET) manufacturer Micro Polypet (MicroPet; New Delhi).
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.
By Deepti Ramesh
Source: Chemical Week
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