Magpet Polymers has secured an investment of Rs 205 crore from British International Investment, the development finance institution of the UK government and an impact investor. A memorandum of understanding (MoU) was signed in this regard by both the organisations.

The investment will enable Magpet to expand its operations and speed up the work on 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 use European technology from Herbold, Coperion, and Polymetrix, which is being introduced to India for the first time.

With an annual capacity of 45,000 tpa, the plant will produce food-grade recycled PET (rPET) pellets. It will cover the entire PET-bottle recycling value chain from  used bottles to processing to finally turning the granules back into bottles. The company is India’s first PET circular enterprise.

“Together, this lays down the foundation for a future where economic development is sustainable, inclusive, and beneficial for all,” said Andrew Fleming, British Deputy High Commissioner to East and Northeast India.