Loop Industries (LOOP) said Tuesday its Indian joint venture, Ester Loop Infinite Technologies, has awarded a detailed engineering contract for its Infinite Loop India project to Toyo Engineering India.

The overall capital expenditures for the project are expected to be below the $176 million budget, with $5 million in realized savings from land acquisition alone, Loop Industries said.

The Infinite Loop India manufacturing project construction is expected to be completed by the end of 2027, the company added.

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