Indorama expands Thai units

Indorama expands Thai units

BANGKOK (DPA): Indorama Thailand Group, an Indian-owned conglomerate, has pledged to invest US$140 million to expand production of its polyester and wool factories in the kingdom over the next three years, news reports said Saturday.

The group, which first invested in Thailand in 1991, plans to spend $100 million to double its production of polyester fiber to 200,000 tons per year and $40 million to increase the capacity of its wool factory, said chief executive Anil Lohia.

The group expects its total revenues in Thailand to reach 8 billion baht ($200 million) this year, with more than 70 percent of production destined for export, said The Nation newspaper.

Lohia told a press conference the group's exports had benefited from the de facto devaluation of the Thai baht in 1997.