Indorama Synthetics, Indonesiaâ€™s biggest producer of textile raw materials, inaugurated its $40 million spinning mill facility in Purwakarta, West Java which is situated on a 50 hectare plot land that has been owned by Indorama since 1997on Wednesday, said the countryâ€™s Investment Coordinating Board (BKPM).
Franky Sibarani, BKPM chairman, who was there to witness that inauguration on Wednesday said that Indoramaâ€™s expansion can support the governmentâ€™s plan to reduce unemployment and improve the localsâ€™ income in Purwakarta district, while also improving foreign exchange earnings from exports,
The Purwakarta mill is Indoramaâ€™s ninth plant in the archipelago nation, having a capacity to produce 10,800 metric tons of textile raw material per annum, Franky said. The plant will provide around 270 new jobs.
New investment in the textile and textile products industry last year stood at Rp 8.3 trillion, up 35.7 percent compared to a year earlier.
New local investment in the sector was recorded at Rp 2.7 trillion while foreign investment contributed Rp 5.4 trillion, BKPM said.
According to the companyâ€™s website, Indorama Synthetics â€“ controlled by Indian-born businessman Sri Prakash Lohia â€“ has been listed on the Indonesia Stock Exchange since 1990.
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