27 December 2025, China: Indorama Investment (Suzhou) Co., Ltd (China), an indirect subsidiary of Indorama Corporation Pte. Ltd, Singapore (“Indorama Corporation”) has signed definitive documents on 25th December 2025 to acquire 100% shares in Anyang Zhongying Fertilizer Co., Ltd., and Anyang Yingde Gases Co., Ltd. (collectively “Anyang Nitrogen Fertilizer”) from PAG, a leading Asia-focused alternative investment firm.
Anyang Nitrogen Fertilizer is a major fertilizer producer in Henan Province, China. Its primary product is Urea, with by-products of ammonia, automotive urea, and industrial gases. Commenting on the acquisition, Mr. Amit Lohia, Vice Chairman of Indorama Corporation said: “This acquisition is an important milestone for Indorama, supporting our fertilizer activities in China—the world’s largest fertilizer market and a cornerstone of global agricultural demand. Anyang’s strong operating base in Henan complements our strategy of investing in high-quality assets that support food security. We see significant long-term growth opportunities in China and look forward to expanding our product offerings to better serve farmers with reliable, efficient, and sustainable solutions.”
Mr. David Wong, Partner and Co-Head of Private Equity of PAG said: “We are pleased to have supported the development of Anyang Nitrogen Fertilizer during our ownership. Our operational experience and industrial value creation approach facilitated the growth of Anyang Nitrogen to become a major fertilizer producer in China. With its strong operational foundation, Anyang Nitrogen is even better positioned for growth in the future as a part of Indorama and a world leader in the global fertilizer market.”
The acquisition is subject to closing conditions pursuant to the definitive documents including statutory and other regulatory approvals.
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