Home / Business and Economy / India's First Infinite Loop Plant Gears Up
India's First Infinite Loop Plant Gears Up
17 Dec
Summary
- Detailed engineering contract awarded to Toyo Engineering India.
- New facility will produce 70,000 metric tonnes of PET resin annually.
- Nike secured as the anchor customer for the new plant.
- Projected completion by the end of 2027.
Ester Loop Infinite Technologies (ELITe), a joint venture between Loop Industries and Ester Industries, has awarded Toyo Engineering India the detailed engineering contract for its Infinite Loop manufacturing facility. This crucial step follows the completion of front-end engineering design and precedes the construction phase of India's first Infinite Loop plant. The facility is designed to have an annual production capacity of 70,000 metric tonnes of PET resin, targeting the packaging and textile sectors.
The project is on schedule, with completion projected for the end of 2027. Significantly, Nike has entered into a multi-year offtake agreement, securing its position as the facility's anchor customer. This collaboration underscores strong market confidence and the project's attractive economics. Furthermore, the joint venture has achieved USD 5 million in savings from land acquisition efforts, keeping the project within budget.
The debt financing process is progressing as planned, with multiple term sheets received from international lenders, validating the project's financial viability. Arvind Singhania, Chairman & CEO of Ester Industries, highlighted the partnership with Toyo as a key advancement, emphasizing the clear commercial visibility and the plant's role in redefining PET recycling and driving circular economy solutions in India.
