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PT Indo-Rama Synthetics Tbk (INDR) stated that this year it will increase its polyester spun yarn production capacity to 13,000 tons per year in Indonesia. Not only that, the Company also plans to increase the production of polyester fiber factory by 42,000 tons per year.

President Director of INDR Vishnu Swaroop Baldwa said this step was taken because his party saw the potential for increasing demand for polyester polymers in the future.

"Every year we plan to increase factory production. We see that by 2030 the demand for polyester polymer will reach 75 million tons per year," he said.

Currently, INDR is also running a project to expand its spun yarn factory to 13,000 tons per year in Turkey. This action will be carried out in the first quarter of 2022.

He continued, he has also carried out the acquisition of PT Cikondang Kancana Prima (CKP) which took place in February 2021. CKP itself has a mining business permit to mine and process gold and other minerals in Cianjur, West Java.

The company has also started project development work and hopes to start production in 2023. "We believe with electrification worldwide access to minerals will be important. So we started a small investment because it has great potential," he continued.

In more detail, INDR spent Rp300 billion to enter the mining business. This amount includes Rp50 billion provided as interest-bearing loans to affiliates from selling shareholders.

Vishnu said that with the acquisition, INDR could begin to understand the ins and outs of the mining business in Indonesia. He himself did not rule out the possibility to enter the mining business in the future. "If in the future we see good opportunities in other minerals that can help us enter the business, then we will try," he said.