ELITe, Ester Industries' India Joint Venture with Loop Industries, Awards Detailed Engineering Contract to Toyo for Infinite Loop™ India

Loop Industries, Inc. (Nasdaq: LOOP), today announced that its India joint-venture Ester Loop Infinite Technologies Private Limited (ELITe), formed in partnership with Ester Industries Limited (NSE: ESTER), has awarded the detailed engineering contract for its Infinite Loop™ India project to Toyo Engineering India Private Limited, a globally recognized EPC firm with over four decades of experience executing large-scale industrial and petrochemical projects across India. This step follows the successful completion of front-end engineering design (FEED) by Tata Consulting Engineers, and represents the final engineering phase ahead of construction.

The contract will cover the full scope of detailed design, procurement engineering, and technical documentation.

The Infinite Loop™ India manufacturing facility is strategically positioned to address demand in the packaging and textile sectors, designed with an annual production capacity of 70,000 metric tonnes of PET resin. The project is maintaining its anticipated construction timeline, with completion projected for end of 2027. The joint venture recently announced a multi-year offtake agreement signed with Nike, which is positioned as the facility's anchor customer.

Project economics remain strong and confirm prudent capital discipline; specifically, realized savings of USD 5 million from land acquisition efforts ensure the facility is trending on budget. Further signaling strong market confidence, the debt financing process is running as per schedule, with multiple term sheets received from international lenders, representing a strong endorsement of the project's attractive economics.

"We are excited to collaborate with Toyo on this critical phase as we deliver India's first Infinite Loop facility, a model for true circularity, engineered to convert low-value textile and plastic waste into virgin-quality resin, enabling both textile-to-textile and food-contact packaging." said Adel Essaddam, Chief Operating Officer of Loop. "With FEED complete, land secured, Nike signed as anchor customer and detailed engineering now underway, we are on schedule to complete construction by end of 2027 efficiently and competitively deploying our technology in the world's fastest-growing major economy."

Commenting on the development, Mr. Arvind Singhania, Chairman & CEO, Ester Industries Limited, said, "Our detailed engineering partnership with Toyo marks a meaningful step forward in delivering India's first Infinite Loop facility. With the land secured and Nike confirmed as our anchor customer, the project now stands on a strong technical foundation with clear commercial visibility. Toyo brings proven engineering expertise, and together we are moving closer to building a world-class plant that can redefine PET recycling in India. This phase reinforces our commitment to driving circular economy solutions at scale."

"Toyo-I is genuinely delighted to be associated with ELITe in the execution of the Chemical Recycling PET Project at Bharuch, Gujarat", commented Kishor Salunke, Chief Operating Officer (SSBU) of Toyo Engineering India. "The recycling of PET into monomers and then back to a virgin quality PET, is a distinctive initiative. It's a new beginning and in line with our mission i.e. engineering for sustainable growth of the global community. We will turn this project into a legacy while strengthening our business relationship with ELITe."

Shares of Ester Industries Limited was last trading in BSE at Rs. 105.75 as compared to the previous close of Rs. 105.20. The total number of shares traded during the day was 296 in over 18 trades.

The stock hit an intraday high of Rs. 107.20 and intraday low of 105.35. The net turnover during the day was Rs. 31510.00.

Source : Equity Bulls

Keywords

EsterIndustries INE778B01029 ELITe JV LoopIndustries Contract Toyo InfiniteLoop