Ester Industries' JV ELITe acquires strategic land in Gujarat for India's First Infinite Loop™ Manufacturing Facility

Ester Industries Limited, India's leading manufacturer of polyester films and specialty polymers, informed that Ester Loop Infinite Technologies Private Limited (ELITe) - a joint venture with Loop Industries, a clean technology innovator in manufacturing 100% recycled polyethylene terephthalate ("PET") plastic and polyester fiber, has entered into an agreement with a group of Sellers (Seller Group) for acquisition of land.

Seller Group has agreed to acquire and sell the identified parcels of land (Project Land) for the purpose of development, construction & operation of a Greenfield Chemical Recycling Plant at a Project Cost of about Rs. 1600 crores.

This agreement marks a major milestone towards the establishment of India's first Infinite Loop™ plant that will recycle polyester textile waste into virgin quality PET resin for textile, promoting circular economy in polyester. The facility is planned with an initial capacity of 70,000 metric tons per year, with provisions for an additional 100,000 metric tons in the future.

Following comprehensive due diligence, ELITe has finalized the purchase of Project Land near Surat, Gujarat, India's synthetic textile capital. Strategically located within the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR), the site offers direct access to abundant polyester textile waste feedstock, a skilled petrochemical workforce, and a streamlined permitting process. Its proximity to a deep-water seaport will further support cost-efficient exports of PET resin.

The Infinite Loop™ India facility has been designed to operate on approximately 80% clean, renewable electricity and renewable biofuel. The PET resin produced is expected to deliver up to an 80% reduction in carbon emissions compared to traditional virgin, petroleum-based PET.

Commenting on the development, Mr. Arvind Singhania, Chairman, Ester Industries Limited, said, "This is a significant step forward in implementation of the Project and our commitment to advancing circular economy solutions in India. Gujarat, being the hub of India's polyester textile industry, offers the ideal ecosystem for our first Infinite Loop™ facility. This project will not only reduce carbon emissions and reliance on virgin plastics, but also create a sustainable value chain for the textile and packaging sectors. We are proud to be at the forefront of driving India's clean technology transition."

This agreement for acquisition of land lays the foundation for groundbreaking and construction activities, setting the stage for deployment of Loop's proprietary technology in India. With robust infrastructure, logistics support, feedstock availability and future expansion potential, the site positions ELITe to play a leading role in building a sustainable polyester ecosystem for India and beyond.

Shares of Ester Industries Limited was last trading in BSE at Rs. 119.10 as compared to the previous close of Rs. 111.00. The total number of shares traded during the day was 66564 in over 989 trades.

The stock hit an intraday high of Rs. 120.45 and intraday low of 110.80. The net turnover during the day was Rs. 7856074.00.

Source : Equity Bulls

Keywords

EsterIndustries INE778B01029 EsterLoopInfiniteTechnologies JV LoopIndustries LandAcquisition