Dhunseri Petrochem Ltd today said it has entered into a joint venture agreement with global chemical producer Indorama Ventures Public Company Ltd (IVL), to restart its Egyptian Indian Polyester Company (EIPET).
The Dhunseri Group-owned company, in a statement, said the JV takes place with immediate effect, but did not disclose financial details.
Restart activities for manufacturing recyclable PET has commenced, and key raw material PTA will be shipped from IVL Portugal soon after restart of Portugal PTA production, anticipated in early July 2018, the statement said.
The PET plant has a manufacturing capacity of 540,000 tonnes per annum.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.