Khaitan advises on PET resins JV

Khaitan advised Dhunseri Petrochem Limited (“Dhunseri”) on its equal joint venture with Indorama Ventures Public Company Limited (“IVL”) to manufacture and sell PET resins for Indian domestic markets and for exports.

IVL will acquire a 50% stake in a carved out entity of Dhunseri, with an effective capacity of 480,000 tonnes PET manufacturing located in Haldia, West Bengal and Dhunseri will purchase a 50% stake in the Micro Polypet Private Limited, a company owned by IVL in the North Indian State, Haryana. Dhunseri is one of the largest producers of PET (Polyethylene Terephthalate) Resin in India.

Haigreve Khaitan, Partner; Surbhi Kejriwal, Associate Partner led the transaction and advised on the Corporate aspects with assistance from Daksha Baxi, Executive Director on the Direct tax aspects; Aniket Agarwal, Partner on the Restructuring and court scheme related aspects; Avaantika Kakkar, Partner on the Competition law aspects; P.B. Jain, Counsel and Abhishek Sharma, Partner on the Real Estate aspects.