Indo Rama inks MoU with top Thai polyester maker

Polyester maker Indo Rama Synthetics, has entered an agreement with Indorama Ventures, Thailand's largest polyester producer with $5.5 billion in consolidate revenues, to set up an integrated plant to manufacture purified terephthalic acid (PTA), polyethlylene terephthalate (PET) and polyester staple fibre (PSF).

Indo Rama Synthetics said in a filing with the Bombay Stock Exchange, that the investment would be the single largest by a Thai enterprise in India. The filing did not disclose the size of the investment.

Indo Rama Synthetics is the country's largest dedicated polyester manufacturer, with a 610,000-tonne-per-annum integrated unit near Nagpur.

Shares of Indo Rama Synthetics were trading 1.4% up at Rs 34.45 at around 1:30 pm on the Bombay Stock Exchange.