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(polyestertime) -- Singapore-based Indorama Corporation
plans to invest up to Rs 1,000 crore within three years in India to set up three
manufacturing facilities to produce spandex fibre, used in various applications
like stretch denims and sportswear.
The company, which is
present in India through its wholly-owned subsidiary, Indorama Industries Ltd,
has already invested Rs 400 crore for its first plant at Baddi in Himachal
Pradesh. Two new units will come up at the same location.
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"In the next three years, when all the three plants are completed the
investment will reach Rs 1,000 crore," Indorama Corporation Managing Director
Amit Lohia said. The company would fund the expansion process through a
mix of debt and equity, he added.
The Baddi plant, which will be
commissioned next month, has a capacity of 5,000 tonnes per annum to produce its
branded spandex product "Inviya". "With the commercialisation of three plants,
our total capacity to produce Inviya will treble to 15,000 tonnes per annum over
the next three years," Lohia added.
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The company, which exports polyester yarn to India, is looking
to cash in on the high growth of
spandex utilisation in the
country. According to the company estimates, the consumption of spandex in
India is nearly 6,000-7000 tonnes per annum, all of which is imported.
mrcplast.com
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