dhunseri petrochem ltd dhunseri and thailands indorama ventures public company limited ivl have agreed to enter into an equal joint venture to manufacture and sell pet resins for indian domestic markets and for exports dhunseri will purchase a 50 stake in the 216000 tonnes micro polypet pvt ltd micropet a company owned by indorama ventures in the north indian state haryana ivl in turn will acquire a 50 stake in a carved out entity of dhunseri with an effective capacity of 480000 tonnes pet manufacturing located in haldia west bengal dhunseris pet manufacturing site in egypt is not included in the deal the joint venture is subject to regulatory approvals and expected to complete in h2 2016 an official pointed out that pet usage is just 06 kg per annum in india compared to 26 kg per annum in china and 109 kg per annum in usa this joint venture is a winwin for both producers with 700000 tonneannum of combined capacity in the strongest growth market having a population in excess of a billion people as well as having favorable trade agreements with logistically advantaged countries in the region the jv will gain significant synergy benefits being the sole producer of pet resin in north and east india and with both sites being effectively integrated with its raw material suppliers which will bring savings in sg a and procurement ivls global market reach and high utilization rates are expected to supplement haldias location benefit at eastern indias largest port while micropet enjoys strong location advantage in the high demand territory of north india ck dhanuka chairman of dhunseri said dhunseri believes that coming years will bring opportunities for expansion in the petrochem sector and this joint venture will bring scale benefits to all stakeholders the indian jv between both the organizations will benefit from ivls global presence and technological leadership aloke lohia group ceo and founder of ivl said this joint venture will allow us to gain the highest benefits by covering a larger geographical area of the fastgrowing india market with a complementary and experienced partner india has a welleducated and booming middle class that will embrace the modern hygienic lifestyle offered by pet packaging