Ester Industries JV Acquires Land for Greenfield Infinite Loop Plant

MT Newswires Live

Sep 03

Ester Industries (NSE:ESTER, BOM:500136) said its joint venture Ester Loop Infinite Technologies has signed an agreement with a group of sellers to acquire land near Surat, Gujarat, for a Greenfield Chemical Recycling Plant

The land will be acquired at a project cost of about 16 billion Indian rupees, according to a company filing on Wednesday.

The facility will recycle polyester textile waste into virgin-quality polyethylene terephthalate (PET) resin with an initial capacity of 70,000 metric tons per year and potential expansion of 100,000 metric tons, the company said in the filing.

The plant will operate on roughly 80% renewable electricity and biofuel, aiming to reduce carbon emissions by up to 80% compared with conventional PET production, it added.

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