Joint Venture12 Feb 2025, 09:12 pm
Ester Industries and Loop Industries form a 50:50 Joint Venture for DMT and MEG Manufacturing
AI Summary
Ester Industries Limited has formed a 50:50 joint venture with Loop Industries Inc., Canada, through their wholly owned subsidiary, Ester Loop Infinite Technologies Private Limited. The joint venture aims to manufacture DMT and/or MEG through depolymerisation of PET and/or Polyester waste using Loop's patented technology. Both companies have been allotted 85,00,000 equity shares of ELITe at par, making it an equal joint venture. This development follows the joint venture agreement signed on 1st May 2024.
Key Highlights
- Ester Industries and Loop Industries form a 50:50 joint venture for DMT and MEG manufacturing
- The joint venture, Ester Loop Infinite Technologies Private Limited, will use Loop's patented technology for depolymerisation of PET and/or Polyester waste
- Both companies have been allotted 85,00,000 equity shares of ELITe at par
- ELITe ceases to be a wholly owned subsidiary of Ester Industries and becomes a 50:50 joint venture
- This development follows the joint venture agreement signed on 1st May 2024