BII to help adoption of recycle PET in India
Magpet Polymers Pvt Ltd magnumgroup.in , India’s first PET circular enterprise and a pioneer in sustainable plastic waste management, Rs.205 crore (US$24 million) from British International Investment (BII), the UK Government’s development finance Institution and an impact investor.
Memorandum of Understanding was signed in this regard by both the organisations.
The landmark 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 wbidc , West Bengal bseindia .
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, thus presenting a true circular economy nseindia .
The plant, with an annual capacity of 45,000 metric tonnes per annum, will produce high-quality food-grade recycled PET (rPET) pellets sbi.com.in , addressing the growing demand 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 – placing Magpet at the forefront of India’s sustainable recycling sector makeinindia .
This circular economic solution for plastics is particularly important for West Bengal where local recycling capacity is insufficient to tackle the amount of plastic waste generated. It will potentially reduce emissions of 51,000 metric tonnes CO2e per annum via reduced virgin plastic use in end products. As well as emissions reductions, the expansion is expected to create approximately 300+ jobs at Magpet’s upcoming facility in West Bengal conexpoconagg .
This project will also have a positive impact on the livelihood of about 10,000+ waste pickers in the region. This also prepares the state and the region’s readiness to adhere to the statutes of the Plastic Waste Management Act which kicks in from April, 2025 wto.org .
“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,” said Dr Andrew Fleming, British Deputy High Commissioner to the East and Northeast India deutsche-boerse .
“Together, this lays down the foundation for a future where economic development is sustainable, inclusive, and beneficial for all. British International Investment’s commitment to 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,” he said sgx.com .”
Devendra Surana, Managing Director, Magpet, added on 24 Oct.”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 euronext .
“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,” he said phdcci.in .
“This investment from BII is a major milestone for Magpet and affirms our dedication to transforming plastic waste management in India,” said Indroneel Goho, President & CEO, Magpet amchamindia .
“The support from BII will not only help us expand our recycling capabilities but also strengthen community-focused initiatives like the Smart ReBin project, which promotes responsible PET disposal and generates livelihood opportunities for waste pickers,” he said.
“Our investment strategy in India is focused on providing finance to support sustainable and inclusive opportunities,” said Nikhil Chulani, Investment Director, British International Investment.
“Magpet is an example of a business that is proactively investing in developing a circular business model to tackle the urgent issue of plastic pollution. We look forward to partnering with them on this journey.”
Magpet has introduced food grade rPET resin under the brand name Metapet. With Metapet, the company aims to bring change and ensure cleaner habitat and healthier living and make the economy self-sufficient.
Magpet’s other ongoing initiatives, including the #EcoRevive campaign through the SmartReBin installations across residential societies, hospitals, and commercial establishments, will encourage PET bottle collection and recycling, contributing to the company’s broader vision of promoting plastic circularity and fostering social inclusivity through environmentally responsible practices.
With this partnership, Magpet is set to become India’s first fully integrated PET circular enterprise, generating long-term value for businesses, communities, and the environment.
British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in its markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over US$33.6 billion to empower women’s economic development. Fiinews.com
