Polyester producer Indo Rama Synthetics (India) is setting up a joint venture in the US with Pegasus Global of Thailand. It expects to close the deal in early April.
Named StarPet inc, the venture will acquire an operational integrated bottle-grade pet resin manufacturing facility with an installed capacity of around 70,000 tonne per annum from Tiepet International of USA.
Indo Rama will hold a 24 per cent stake in StarPet, and projects its revenue to cross $72 million by 2003-04.
The acquisition was structured by management consultants KPMG Atlanta on financial aspects and Cadwalder NY on legal and environmental issues.
OP Lohia, managing director of Indo Rama Synthetics (India) Ltd, said:
