Race Eco Chain and Ganesha Ecosphere Ink Joint Venture for PET Recycling

Race Eco Chain and Ganesha Ecosphere have entered into a joint venture to establish washing plants for transforming PET bottles into reusable flakes, aiming to meet regulatory requirements for recycled plastic in packaging industries while fostering economic growth and environmental protection in India.

Plastic waste management firm Race Eco Chain announced on Thursday a joint venture with Ganesha Ecosphere to establish washing plants aimed at producing PET flakes.

Ganesha Ecosphere Ltd, a leading PET recycler in India, received in-principle approval from the board to partner with Race Eco Chain, the Ghaziabad-based firm disclosed in a stock exchange filing.

This collaboration seeks to launch numerous washing lines across the nation, converting PET bottles into reusable flakes. The joint venture aligns with government mandates for packaging to contain 30% recycled plastic by 2025-2026, further increasing to 60% by 2028-2029, the company said.

Aimed at addressing the growing demand for recycled PET driven by ESG mandates and regulatory standards, the joint venture is also poised to create jobs in the recycling sector, contributing to both environmental sustainability and economic growth.

The establishment of several washing lines across India is expected to significantly reduce plastic waste and promote a circular economy. Race Eco Chain has also collaborated with multiple brands, corporates, and recyclers to organize the unorganised waste supply chain. Shares of Race Eco Chain saw a 1.47% rise, settling at Rs 441.80 on BSE.

(With inputs from agencies.)