Race Eco Chain, a leading plastic waste management company, has joined hands with Ganesha Ecosphere, the largest PET recycler, to form a joint venture Ganesha Recycling Chain.
The new company aims to launch numerous washing lines across India to transform PET bottles into reusable flakes, thereby significantly reducing plastic waste and fostering a circular economy.
The Board of exchange-listed company Race has provided in-principle approval to enter into a joint venture with Ganesha Ecosphere.
The joint venture agreement is yet to be finalised and executed.
Race Eco Chain will hold a 51 per cent equity stake and Ganesha Ecosphere will own a 49 per cent stake. The new company will become a subsidiary of the Race Eco Chain.
The government has stipulated that packaging must contain 30 per cent recycled plastic by 2025-26, increasing to 60 per cent by 2028-29.
The joint venture marks a significant forward integration of the Race business, positioning it for higher-margin opportunities, said the company.
“We are confident that leveraging Ganesha Ecosphere’s extensive resources and industry expertise to achieve both economic and environmental objectives, driving sustainable growth for the future,” it added.
Recently, Race has collaborated with multiple brands, corporates and recyclers for organising the waste supply chain.
Earlier, Race and Zepto (Kiranakart technologies) cemented a pivotal partnership for post-consumer waste collection from households. Through this collaboration, Zepto’s dedicated delivery agents are tasked with directly collecting PET bottles from households, achieving comprehensive traceability through efficient procurement of PET bottles.
Race envisions elevating the efficiency of the existing value chain through the use of technology. Race is committed to organising the waste supply chain with its vast network, use of new technologies and digitisation of the supply chain with the Race app.