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India:sanctions Rs 307cr loan to Indo Rama –Asia’s share in
global polyester market to rise |
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2005-3-7
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Requiring fund for enhancing the production capacities of its plants in India, INDO Rama Synthetics (I) Ltd (IRSL) announced on Thursday that it had signed a long-term loan of Euro 54 million (Rs 307 crore) with IKB Industriebank Aktiengesellschaft, Dusseldorf, Germany, through offshore financing.
A loan agreement for Euro 20 million (Rs 114.46 crore) was signed with DEG of Germany.
The company’s Butibori plant near Nagpur in Maharashtra have a new plant and will double the company''s existing polyester staple fibre (PSF) and partially oriented yarn (POY) capacity from 3 lakh tonnes per annum to 6 lakh tpa, which has already commenced.
According to Mr O.P. Lohia, Chairman and Managing Director, Indo Rama Synthetics (I) Ltd, "The new plant will commence operations by early 2006, which will help us leverage emerging business opportunities in the man-made fibre industry pursuant to the withdrawal of the textile quota system with effect from January 1, 2005."
The Asian share of the polyester industry has been continuously rising and it will further get boost with the new IRSL plant expansion move and strengthen its position in the global market. |
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