Indian Oil Visions to Diversify the Textile Business for Offsetting Future Risks

Indian Oil Visions to Diversify the Textile Business for Offsetting Future Risks

  • 15-Sep-2020 11:00 AM
  • Journalist: Francis Stokes

In an attempt to bounce back from the persisting market uncertainties, Indian Oil Corporation Limited (IOCL) is looking forward to expanding its petrochemical division by integrating it with the textile business. As per the chairman of IOCL, this initiative is a calculated approach for safeguarding the future growth potential, pertaining to shifting lifestyle and demands of the people in the long run. Furthermore, this endeavour will assist the company to elevate to greater heights by augmenting significant capacity expansions and by diversifying its reach in the niche petrochemical business with huge focus on integration into textiles. As of the current situation, India’s consumption of petrochemicals is on tragic lows following negative price margins with complete Asia strategizing ways to combat oversupply in times of dragging market fundamentals. The vision of IOCL to target textile is being considered as a pragmatic step towards stability as commodities such as VSF (Viscose Staple Fibre)  and VFY (Viscose Filament Yarn) are among the ones that rarely experience hovering lows due to their high seasonal demand.


Track Real Time Prices

Related News

Lenzing Group Expands Production of High-Quality Viscose Fibers in Asia-Pacific to Meet Rising Demand
  • 26-Sep-2023 5:39 PM
  • Journalist: Xiang Hong
Indian Companies Face Challenges From Influx of Cheaper Chinese VSF Ahead of Quality Control Order
  • 14-Aug-2023 2:07 PM
  • Journalist: Rene Swann
US Viscose Staple Fiber Market Sentiment Shrinks to Its Lowest in June 2023
  • 13-Jul-2023 12:30 PM
  • Journalist: Nicholas Seifield
India Might Start Enforcing Quality Control Order on Viscose Staple Fibre
  • 24-Mar-2023 3:54 PM
  • Journalist: Patricia Jose Perez