Ahmedabad: Ester Industries and Loop Industries will jointly invest Rs 1,600 crore to establish the first phase of a joint venture (JV) plant in Gujarat, aimed at producing chemically recycled polyester for global markets.

The JV, named Ester Loop Infinite Technologies (ELITe), has secured a 90-acre land parcel in Dahej, Ester Industries Ltd Chairman Arvind Singhania stated in a media interaction. Both companies hold an equal 50:50 stake in the venture. An initial Rs 500 crore will be contributed by the partners, with the balance financed through bank loans.

The company plans to complete the land acquisition by the end of 2025 and commission the first phase by the end of 2027. DeshGujarat