Indorama Ventures Prepares for New Era of Growth

Indorama Ventures Public Company Limited (IVL) is preparing for a new era of growth under its IVL 2.0 strategy as it outlined a new approach to partnering with major industry peers, positioning the company to capitalize on significant expansion and consolidation opportunities unlocked by fundamental shifts in global chemical markets.

At the company’s annual Capital Markets Day in Bangkok, Aloke Lohia, group CEO of Indorama
Ventures, outlined the potential for Indorama Ventures—now revitalizing itself under its three-year IVL 2.0 optimization plan—to resume its growth journey as it pivots towards a future that is being re-shaped by macroeconomic forces such as China’s push for self-sufficiency in manufacturing, the uneven impact of Peak Oil across East and West, and India’s rapid economic expansion.

On Feb. 26, 2025, the company posted improved full-year 2024 EBITDA as its focused management executed their plan to transform the business through decisive “self-help” actions amid one of the most severe industry downturns in recent years.

“Today, Indorama Ventures is a fitter company than we were when we announced our IVL 2.0 strategy a year ago, and we are now able to compete with the best,” Lohia said. “Our plan is
designed not only to help us re-tool and re-skill to navigate the current downturn—which is expected to persist—but also to restore our historical growth trajectory. I am excited by new opportunities to substantially expand our business as our industry undergoes seismic, generational shifts and consequently unlocks fresh growth potential.”

In a year of alignment, mobilization and launch, all segments recorded improved performances in 2024 as they took concerted management steps to refine their organizations, optimize assets, and transform their business processes through modern data-led toolsets and digital enterprise systems.

Still, in light of continued industry pressures, the company fell short on its deleveraging and cash conversion targets in 2024 and has determined that further management actions are necessary to sustain progress toward the company’s objectives, building on the significant measures already taken.

In a departure from the company’s previous M&A-led model, Lohia outlined several expansion projects currently in the pipeline, all involving complementary strategic partnerships with major industry peers. This new growth approach aims to leverage Indorama Ventures’ organization, platform, processes, and systems—revitalized under IVL 2.0 and the company’s “indispensable chemistry” brand—to consolidate dominant positions and grow scale in attractive growth markets, including India.

In February, the company bought a minority stake of 24.9% of EPL Limited, an Indian specialty packaging company and the largest global manufacturer of laminated tubes. The transformation that Indorama Ventures is undertaking under IVL 2.0 provides a critical springboard enabling the new partnerships-led growth model,  Lohia explained.

In addition, Indorama Ventures is planning spin-offs of its Indovinya downstream chemicals segment and its Indovida packaging unit—as flagged a year ago—to enable them to achieve their potential as independent high-growth businesses.

“We have already switched from our previous M&A-led mindset to new settings under IVL 2.0 that suit the changed business landscape, and which also suit our company in a new phase in its lifecycle,” Lohia added. “Now, our growth will come from building close-knit, complementary partnerships with major peer companies, leveraging the ‘network effect’ to take advantage of our mutual scale to secure dominant positions in attractive markets.”