Kolkata: Magpet Polymers Pvt Ltd (Magpet) has received an investment of Rs 205 crore ($ 24 million) from British International Investment (BII), UK govt’s development finance institution. This investment will catalyse Magpet’s expansion and facilitate the establishment of India’s most extensive integrated food-grade PET bottle-to-bottle recycling plant in Kharagpur.At an event on Wednesday, a Memorandum of Understanding (MoU) was signed in the presence of prominent officials including environment secretary Rajesh Kumar and British deputy high commissioner Andrew Fleming.
The state-of-the-art facility, boasting an impressive capacity of 45,000 metric tonnes per annum, will empower Magpet to process used PET bottles into food-grade recycled pellets, significantly reducing reliance on plastic.
“By reducing the use of virgin plastics, the facility aspires to slash emissions by an impressive 51,000 metric tonnes of carbon dioxide annually. This groundbreaking initiative also proactively prepares the region for the impending Plastic Waste Management Act, set to come into effect in April 2025,” said Magpet MD Devendra Surana.