IVL Recycling 2 (IFC-46999)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
  • Indonesia
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Specific Location
Nakhon Pathom
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 25, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Indorama Ventures Global Services Company Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 28, 2024

Disclosed by Bank May 24, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment is for an IFC A loan of up to US$250 million to Indorama Ventures Global Services Limited (IVGS or the “Company”). In 2020, IFC had provided a US$300 million loan package consisting of a US$150 million IFC A loan and parallel loans of US$150 million from the Asian Development Bank (ADB) and Deutsche Investitions- und Entwicklungsgesellschaft (DEG) to IVGS (Board reference no. IFC/R2014-0206).

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B Project according to IFC’s Policy on Environmental and Social Sustainability (2012). Based on information reviewed by IFC, the proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible and readily addressed through existing mitigation measures and good international industry practices (GIIP).

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

 The Project is expected to cost US$250 million and will be funded with an IFC A Loan of up to US$250 million.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Indorama Ventures Global Services Limited (Company), incorporated in Thailand, is a subsidiary of Indorama Ventures Public Company Limited (IVL or the Group, https://www.indoramaventures.com/en) and is one of the world’s leading petrochemicals producers. The company has a global manufacturing footprint across Africa, Asia Pacific, Europe, and America. The Company’s product portfolio is classified into 3 segments: Combined PET (CPET), Integrated Oxides & Derivatives (IOD) and Fibers.

IVL is a global intermediate petrochemical producer and one of the largest vertically integrated polyester value chain producers in the world, serving global brands in diversified end-use markets including food, beverages, mobility, personal care and health care. IVL is headquartered in Bangkok, Thailand, and geographically diversified with over 147 operating sites in 33 countries across five continents and employs over 26,000 employees.

IVL is a publicly listed on the Stock Exchange of Thailand. The Lohia Family (SP Lohia and his brother Aloke Lohia), are the largest shareholders of IVL with a 64.75% holding while the balance 35.25% of the shares are held by institutional and retail shareholders.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Indorama Ventures Global Services Limited Client -
- - - - Indorama Ventures Public Company Limited Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Indorama Ventures Global Services Limited
Sermsak Vinicchayakul
Senior Manager
+662 6616661 ext. 122
sermsak.v@indorama.net
75/80-81 Ocean Tower 2, 32nd Floor, Soi Sukhumvit 19 (Wattana), Asoke Road, Klongtoey Nua, Wattana, Bangkok 10110, THAILAND
https://www.indoramaventures.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works