One of the fastest-growing plastic waste management companies in India, Race Eco Chain Ltd., informed exchanges that it will set up a joint venture named Ganesha Recycling Chain Private Limited with Ganesha Ecosphere Limited, the country’s largest PET recycler. The Board has given its in-principle approval for entering into a joint venture with Ganesha Ecosphere Ltd. The Joint Venture agreement has yet to be finalized and executed.
This partnership aims to establish multiple washing lines across India to transform PET bottles into reusable flakes. The joint venture aims to make significant contributions to sustainability, with Race Eco Chain acquiring up to a 51% equity stake and Ganesha Ecosphere securing up to a 49% stake. To produce high-quality PET flakes and significantly reduce plastic waste, the venture plans to set up many washing lines across India in the upcoming years. This would promote a circular economy.
In the exchange filing, the company also shared, “This joint venture is poised to address the escalating demand for recycled PET (rPET) in India, driven by Environmental, Social, and Governance (ESG) mandates and regulatory requirements. The Indian government has stipulated that packaging must contain 30% recycled plastic by 2025-2026, increasing to 60% by 2028- 2029. This initiative underscores the importance of recycled materials and projects that the demand for rPET in India will surpass 1 million tons by 2031.”