Polygenta Technologies Limited (PTL) has revised the commissioning date of its expansion project from October 2014 to September 2015. Though the company attributes the delay to technical reasons, it is learnt that revision of commissioning date is mainly due to delay in securing funding from the promoters. In 2009 PTL had raised €15 million through ECBs and in 2012 the company entered into an amendment in the agreement with revised payment schedule. However as at 31 March 2014, both interest and principal repayments on such ECBs are overdue. Now, PTL has reportedly once again initiated discussions with lenders for a further revision in ECB repayment schedule, postponing principal repayment from FY14 to FY16 and also deferment of select interest payments.
PTL is engaged in the manufacturing of Polyester Filament Yarn (PFY) using recycled PET content as a major feedstock. The integrated manufacturing facility (PTA/MEG to DTY) of PTL is located in Nasik and has an installed capacity of 30 TPD at its recycling unit and 100 TPD at its polymerization unit. The company is currently undertaking capacity expansion of its recycling unit from 30 TPD to 75 TPD. On commissioning of this additional recycling capacity, the company would operate at a capacity of 75 TPD making 100% recycled content product. PTL uses a recycling technology which is effective in reconstituting lower cost recycled PET bottles into a substitute feedstock for higher cost conventional petrochemicals.
