City-based Magpet Polymers on Wednesday announced a strategic investment of ₹205 crore from British International Investment, the UK’s development finance institution.
The investment, in the form of long-term debt, will be towards setting up an integrated single line bottle-to- bottle food grade recycling plant at Vidyasagar Industrial Park, Kharagpur. The cumulative investment would be ₹300 crore, including the support from BII.
The plant, with an annual capacity of 45,000 tonnes per annum, is expected to be operational by the latter part of 2025.
Magpet Polymers said the project is expected to create 300 jobs and also have a positive impact on the livelihood of over 10,000 waste pickers.
“The investment in Magpet 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,” said Andrew Fleming, British Deputy High Commissioner to East and Northeast India.
“This investment will allow us to scale our sustainable practices and enable wider adoption of recycled PET in India’s packaging industry,” said Devendra Surana, MD, Magpet.
