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BII commits Rs 205 crore to Magpet Polymers for India's circular economy
The Business Guardian
|October 25, 2024
A Memorandum of Understanding was signed in this regard by both organizations. The event was attended by Dr. Rajesh Kumar, Principal Secretary, Department of Environment, Government of West Bengal & Member Secretary, West Bengal Pollution Control Board, Government of West Bengal; Dr. Andrew Fleming, Deputy High Commissioner, British Deputy High Commission; Nikhil Chulani, Investment Director, British International Investment, United Kingdom; Arun Korati, Director, Interim Head of India, British International Investment, United Kingdom; Devendra Surana, Founder & Managing Director, Magpet Polymers Pvt. Ltd.; Indroneel Goho, President & CEO, Magpet Polymers Pvt. Ltd. and Shruti Swaika, Lawyer, Fox & Mandal.
This 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, 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, thus presenting a true circular economy.
The plant, with an annual capacity of 45,000 metric tonnes per annum, will produce high-quality food-grade recycled PET (rPET) pellets, addressing the growing demand for sustainable plastic products while significantly reducing reliance on virgin plastics.
Denne historien er fra October 25, 2024-utgaven av The Business Guardian.
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