Indorama, Dhunseri forms PET resin production JV

Kolkata: Thailand’s Indorama Ventures Public Co. Ltd and Kolkata-based Dhunseri Petrochem Ltd have agreed to form a 50:50 joint venture to produce polyethylene terephthalate (PET) resins in India.

Indorama will acquire 50% in Dhunseri’s PET resins production unit in West Bengal’s port town of Haldia, and Dhunseri, in turn, will acquire 50% in Indorama’s India unit in Haryana, Micro Polypet Pvt. Ltd, the companies said on Monday.

The joint venture will benefit from Indorama’s leadership in technology as manufacturing of PET resins expands in India, Dhunseri’s chairman C.K. Dhanuka said in the statement.

They did not break out financial details of the deal.

Dhunseri’s polymer production unit in Egypt is not part of this deal.

Dhunseri’s shares fell 2.55% on BSE to close at Rs72.60 each.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.