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Polyplex to Invest $150 Million in Turkey, Plans More Later

Polyplex Corp Ltd. (PPC), an Indian manufacturer of polyester film, will build a $150 million plastics plant in Turkey and plans another investment of $500 million within five to eight years to produce resin raw material.

The factory to make polyethylene terephthalate, used to make bottles, will have a capacity of 600,000 metric tons a year and export about $1 billion a year, Kapil Gupta, senior vice president for the company said at a news conference in Istanbul today.

“Our PET resin production plant will start operations within two to three years,” Gupta said. The raw material for the resin will be purchased from local suppliers such as Petkim Petrokimya Holding AS (PETKM), he said.

Polyplex will start the construction of the plant in the Corlu tax-free zone, to the west of Istanbul, in the second half of this year, the company and Turkey’s Investment Support & Promotion Agency said in a press release given out at the news conference.

Polyplex is considering a joint venture with a Turkish or international partner for the additional investment at the site, Gupta said.

“We are focusing first on PET resin investment and then will consider a resin raw material plant in 5 to 8 years with a partner,” he said.

Ilker Ayci, head of the investment agency, said Polyplex investment will help Turkey increase its foreign direct investment this year from 2011’s $16 billion.

“We may even break the 2007 record of $22 billion this year or next,” Ayci said.

To contact the reporters on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editors responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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