Indorama to invest Rs.4 bn in Himachal Pradesh

August 14th, 2008 - 3:36 pm ICT by IANS  

By Vishal Gulati
Shimla, Aug 14 (IANS) The Indonesia-based S.P. Lohia-promoted Indorama SPL group, with business interest in diverse fields such as power, petrochemicals and spun yarn, has decided to set up a stretch fabric manufacturing unit in Himachal Pradesh, a senior official said Thursday. Functionaries of the group, including its managing director Amit Lohia, met senior officials of the industries department here Wednesday to finalise the modalities for investing Rs.4 billion in the hill state.

Industries director Manoj Kumar told IANS that the group would establish a spandex manufacturing plant, a first of its kind in the country.

India manufactures all textile fibres except spandex that is used for dress material, sportswear, lingerie, shoe soles and upholstery.

The Indorama SPL group is a global manufacturer of diversified industrial products with a focus on petrochemicals - polyolefin, polyester, spun yarns, textiles and medical gloves.

It also has business interest packaging, power, real estate and fertiliser.

The company is the second largest polyester producer in the world with capacity of 2.2 million tonnes per annum.

It also has a polyester yarns and fibres manufacturing unit in Nagpur.

Kumar said an Indorama team had inspected various sites in the Baddi industrial corridor, 110 kilometres from here.

“The state government will hand over the land to the company once it selects the site,” he said.

Lured by the special industrial package given to the hill state by the central government, the company is eyeing business prospects in the textile industry in the northern states.

Kumar said the plant would provide direct employment to more than 500 people.

Since the announcement of the industrial package in 2003 by the Atal Bihari Vajpayee-led National Democratic Alliance government at the centre, the government has approved proposals for 600 units, including 77 in the large and medium category, in the Baddi, Barotiwala and Nalagarh areas of Solan district.

Related Stories

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |