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Magpet Polymers, India’s first PET circular enterprise, on Wednesday announced a strategic investment of ₹205 crore from British International Investment, the UK Government’s development finance Institution and an impact investor.
A memorandum of understanding was signed in this regard by both the organisations. The investment will enable Magpet to expand its operations and fast-track the development of India’s largest and first integrated single-line bottle-to-bottle food-grade recycling plant at Vidyasagar Industrial Park, Kharagpur, West Bengal.
The facility will cover the entire PET-bottle recycling value chain from receiving used bottles to processing, which includes washing and turning them into flakes or granules, and to finally turning the granules back into bottles, according to a statement.
With an annual capacity of 45,000 metric tonnes per annum, the plant will produce food-grade recycled PET (rPET) pellets, addressing the growing demands for sustainable plastic products while significantly reducing reliance on virgin plastics. The facility will use cutting-edge European technology from Herbold, Coperion, and Polymetrix, which is being introduced to India for the first time.
“As the United Kingdom and India deepen our ties in trade, technology, and climate action, today’s partnership is a prime example of the transformative potential of our collaboration. Together, this lays down the foundation for a future where economic development is sustainable, inclusive, and beneficial for all,” said Andrew Fleming, British Deputy High Commissioner to East and Northeast India.
“British International Investment’s-Magpet Polymers will not only set a great example to transform plastic waste management in India but also set a global benchmark for sustainable livelihood creation and climate innovation,” Fleming added.
“We are pleased to announce our association with BII, a distinguished impact investor with a strong track record of supporting businesses that drive meaningful environmental and social outcomes. This investment will allow us to scale our sustainable practices and enable wider adoption of recycled PET in India’s packaging industry, contributing to the reduction of plastic waste and carbon emissions”, said Devendra Surana, Managing Director, Magpet.
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