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Thai plastics maker Indorama shifts focus from M&A to reducing debt

BANGKOK -- Thai petrochemical producer Indorama Ventures will pull back on acquisitions to focus on curbing debt, Group CEO Aloke Lohia told Nikkei, as the company grapples with growing competition from inexpensive Chinese products.

Indorama, founded by the Indian-born Lohia in 1994, posted almost $15 billion in revenue for fiscal 2023. One in five plastic bottles globally is said to contain polyethylene terephthalate (PET) resin from Indorama, the world's top producer of the material.