05:59 PM EDT, 08/13/2025 (MT Newswires) -- Loop Industries ( LOOP ) said late Wednesday its joint venture in India will acquire a 93-acre site in the state of Gujarat for the development of an Infinite Loop manufacturing facility in the subcontinent to sustainably produce polyethylene terephthalate resin.

The company said it is buying the land parcel with an initial deposit of $1.7 million. The land costs a total of $10.5 million, representing a $5 million reduction in the $176 million project cost estimate, according to a statement.

The site is within a Petroleum, Chemicals and Petrochemicals Investment Region designation, which accelerates the permitting process, expected to be completed by 2025-end, the company said.

Loop shares rose 2.5% during after-hours trading.