ELITe joint venture awards detailed engineering contract to Toyo

Loop Industries (LOOP) announced that its India joint-venture ELITe, formed in partnership with Ester Industries, has awarded the detailed engineering contract for its Infinite Loop India project to Toyo Engineering India (TOYO). This step follows the completion of front-end engineering design 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. The overall Capital Expenditures for the project are trending below the $176M budget, including $5M in realized savings from land acquisition alone. The debt financing process led by KPMG in India is progressing well.