BANGKOK -- Indorama Ventures, the world's largest maker of polyethylene terephthalate resin, the stuff plastic bottles are made of, has abandoned plans to buy Turkish polyester fiber maker SASA Polyester Sanayi.

A deal to buy a 51% stake in the company from Turkish conglomerate Sabanci Holding for $62 million was announced last June. But while waiting for approval from Turkish authorities, SASA's share pirce shot up, and Sabanci suggested that Indorama increase its offer for the the stake. Unable to agree, the two companies canceled the deal instead.

This has not prevented Indorama from expanding its footprint in Turkey. Late last week, it announced plans to purchase all shares of polyethylene terephthalate resin producer Polyplex Resins San. Ve Tic, the Turkish arm of Polyplex (Thailand). Polyplex recently built a resin plant with an annual capacity of 252,000 tons in Corlu, near Istanbul.

Indorama had already launched its first polyethylene terephthalate operation in Turkey in the second quarter of 2014 through the takeover of Artenius Turkpet, now called Indorama Ventures Adana PET. The plant has an annual capacity of 130,000 tons.

When the Polyplex deal is completed, in several weeks' time, Indorama's total plastic bottle resin capacity in Turkey will be 382,000 tons a year, the largest in the country according to the company.

The company sees Turkey as attractive not only for its fast-growing beverage market but also for its access to nearby European markets, especially those in the southeastern part of the continent that have solid growth prospects.

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Indorama Ventures Public Co. Ltd.