Ester Industries has entered into a Joint Venture Agreement (JV Agreement) with Loop Industries Inc. (Loop), a Company under the laws of State of Nevada with principal office at Quebec, Canada, to incorporate a Joint Venture Company (JVC) in India for the purpose of engaging in the business of manufacture of DMT and/or MEG through depolymerisation of PET and/or Polyester waste using patented Loop technology.
Both Ester and Loop will hold 50% in the proposed JVC with proportionate shareholder rights to voting, dividend distribution and other economic rights as per JV agreement. The entire project cost is expected to be around $165 million and the same will be funded through appropriate mix of debt and equity which shall be invested from time-to-time.
Ester Industries’ main business activities are production and marketing of versatile ranges of polyester films and engineering plastic.
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