Mubasher: Amidst growing awareness of the impact of using single-use plastics on environment, Thai chemicals firm Indorama Ventures allocated $1.5 billion of investment in recycling, Reuters reported.

 “We are investing $1 billion in recycling over the next five years,” the company’s CEO Aloke Lohia told Reuters on Wednesday.

The investment would include greenfield and brownfield mergers and acquisitions, with the focus on bottle-to-bottle recycling, Lohia said.

Indorama’s core business is the production of polyethylene terephthalate (PET) resin, a polymer for making plastic bottles and fibres used to manufacture seat belts and tyres.

The company has 11 recycling sites worldwide, including factories in Thailand, France and Mexico.

Amid a push by regulators for more recycling and a shift in customer expectations, Indorama plans to expand its green credentials.